Nigeria to Pilot Digital Currency in October

Fazzaco learned that the Central Bank of Nigeria (CBN) planned to start the trail phase of its digital currency project - e-naira, which would adopt the Hyperledger Fabric blockchain, on October 1.

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According to the CBN, the announcement of the project marks the culmination of the central bank’s research into digital currencies which started in 2017. Besides, the bank might carry out a a proof of concept late this year.

Furthermore, Nigeria will become the second West African nation to make public the pilot phase of its own digital currency in 2021 following Ghana.

The bank unveiled that the launch of the e-naira would contribute to some areas, including cross-border trade, monetary policy, tax revenue collection, and remittance inflows.

The disclosure of the rollout date follows the CBN’s governor - Godwin Emefiele, saying the digital currency would soon “come to life”, and CBN recommended in June that Nigeria have its own  digital currency by the end of the year.