According to reports, the Central Bank of Nigeria (CBN) has scheduled October 1 as the start date for the trial phase of its digital currency project. This digital currency project, dubbed Giant, or the “e-naira,” is anticipated to leverage the Hyperledger Fabric blockchain.
CBDC Makes Its Debut
The debut date announcement for Nigeria’s central bank digital currency (CBDC) comes just months after the central bank governor, Godwin Emefiele, stated that the digital currency would “come to life” soon. It also follows the Central Bank of Nigeria’s announcement in June that Nigeria would have its own CBDC by the end of the year.
Nigeria would become the second West African country to declare the trial phase of its digital currency in 2021 if this information is accurate. The Bank of Ghana is the other country in the area to set a launch date for its digital currency experiment, as previously reported by Bitcoin.com News.
The End of a Long-Term Research Project
According to a Nairametrics story quoting Central Bank of Nigeria IT director Rakiya Mohammed, the news is the culmination of the central bank’s research into digital currencies, which began in 2017. According to the director, the CBN may yet “conduct a proof of concept by the end of this year,” according to the director.
Meanwhile, the research outlines some of the key regions that will benefit from the e-implementation. Naira’s Cross-border trade, monetary policy, tax revenue collection, and remittance inflows are just a few of these domains.