CBN to unveil digital currency on Independence day

The Central Bank of Nigeria (CBN) has fixed October 1st, 2021, to launch the pilot scheme of its digital currency.

Okay.ng recalls that the CBN had in June announced plans to unveil its own digital currency before the year runs out.

During a press briefing after a stakeholders meeting on Thursday, the CBN director of information technology, Rakiya Mohammed said the apex bank had been conducting research since 2017 in regards to developing a digital currency and may conduct a proof of concept before the end of this year.

The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain.

A check by Okay.ng shows that Hyperledger Fabric is an open-source project that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises.

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