CBN sets to launch its own digital currency on Independence Day

CBN sets to launch its own digital currency on Independence Day

The Central Bank of Nigeria (CBN) has perfected plans to launch its own digital currency. According to information made available to Nairametrics by private sources, the CBN has picked October 1, 2021, as its launch date.

At a recent press briefing, the Director of IT at the CBN, Rakiya Mohammed, confirmed this development and noted that the apex bank has studied digital currency landscspe since 2017, and is certain digital currencies hold some tools to help it achieve its goals as the apex bank of the nation.

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The digital currency initiative is tagged Project GIANT, and it will use the Hyperledger Fabric Blockchain.