It is no longer news that the Central Bank of Nigeria had previously declared that a digital currency would be launched in the country in the country. This was made known a few months after the CBN but a stop on Cryptocurrency transactions in the county.
The Nigerian Central Bank Governor, Godwin Emefiele had previously reported that the bank will be chipping away at a national bank computerized cash during the 306th Banker’s Committee meeting.
As indicated by private sources, the pilot plan will be unveiled on October first, 2021.
The venture name is labelled Project GIANT and it will utilize the Hyperledger Fabric Blockchain that serves as a basis for creating blockchain-based products, solutions, and applications with plug-and-play components aimed at private businesses.
Nigeria’s national bank additionally uncovered that the significance of eNaira incorporates Macro administration and development, cross line exchange help, monetary consideration, money related strategy adequacy, further developed instalment proficiency, income charge assortment, settlement improvement, and designated social intercession.
What really is Digital Currency?
Make no mistake, according to the CBN, the Digital currency to be launched is a digital form of the Naira, coined e-Naira. Central Bank Governor Godwin Emefiele said the “e-naira” would function as a wallet against which customers can hold an equivalent value of already funds in their bank account.
Notable Features of the e- Naira
- CBN may perform a proof of concept by the end of the year, according to Mohammed.
- This is in no way a Cryptocurrency but a digital equivalent of the Naira
- Bitt Inc is the preferred partner chosen from a pool of bidders to pilot the affairs of the Digital currency
- The anticipated date for the launch is October ist 2021, symbolic as the date of Nigeria’s independence.
Choice of Partner
The CBN’s choice of Bitt Inc, from among exceptionally aggressive bidders, was relied on the organization’s innovative ability, effectiveness, platform security, interoperability, and application experience over time.
In picking Bitt Inc, the CBN will depend on the organization’s verified advanced cash insight, which is as of now available for use in a few Eastern Caribbean Countries. Bitt Inc. was vital to the turn of events and fruitful dispatch of the national bank advanced money (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.