Nigeria's central bank plans CBDC pilot launch before the end of 2021
The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions. Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the apex bank is making efforts to float a central bank digital currency in the country.According to a report by People’s Gazette, Mohammed made this known after the Bankers Committee meeting held in Abuja on Thursday, telling reporters:“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able....
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The Central Bank of Nigeria (CBN) plans to launch a digital naira pilot program later in October 2021, as part of its central bank digital currency project (CBDC). Central Bank of Nigeria To Launch Digital Naira The Central Bank of Nigeria (CBN) has been in the news for its anti-cryptocurrency actions throughout much of 2021. […]
While a number of countries are working on central bank digital currencies (CBDCs), on Tuesday, the Bank of Jamaica (BoJ) announced it will soon be piloting a CBDC project. The BoJ is working with a firm called Ecurrency Mint Incorporated and plans to pilot the cryptocurrency in May. Jamaican CBDC to Pilot this May Jamaica, the island country situated in the Caribbean Sea has plans to pilot a CBDC this May as it has been working with an “extensive procurement process.” The country’s central bank, the BoJ, has chosen a technology provider to help with the CBDC solution.....
The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on October 1. For much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. Yet, the institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear date for the pilot scheme of its blockchain-powered central bank digital currency (CBDC).On October 1, CBN will reportedly launch a pilot scheme for “GIANT” – a CBDC project in development....
The President of Nigeria, Muhammadu Buhari, will formally unveil the much anticipated Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25th, October 2021, at the State House in Abuja. Related Reading | New Convert: Anti-Crypto Central Bank Of Nigeria Set To Launch Digital Naira The Central Bank of Nigeria (CBN) first announced the […]
After failing to roll out its CBDC on October 1, the Central Bank of Nigeria (CBN) has released a document in which it reiterates its commitment to launching the e-naira. In fact, in this document titled The Design Paper for the E-naira, the CBN says it is now ready to launch Nigeria’s CBDC.
CBN Prioritizes Robust Ecosystems
However, in the same document, the central bank appears to downplay the implications of failing to launch as planned. Instead, the CBN attempts to highlight the importance of getting things right the first time and how this guarantees the digital....