For some years now, the Central Bank of Nigeria has been leveling unfavorable regulations against cryptocurrency. They eventually banned it this year, and the citizens could only buy or sell crypto through P2P.
However, after some research and reflections on how several other countries of the world like Ghana has been working on CBDC, the bank called for a private stakeholders webinar regarding this in order not to be left behind.
The Central Bank of Nigeria in a webinar with the relevant stakeholders held on Thursday reportedly announced its intention to pilot its Central Bank Digital Currency on October 1st this year.
The webinar was centered on the concept of digital currency and its place in providing modern financial solutions.
The name of this project was called “Giant”, which some claim was curled from Nigeria’s attribute as the “Giant of Africa.” The aim of Giant is to build a CBDC that will facilitate efficient cross-border payments, financial inclusion, and macro-management.
According to Rakiya Mohammed who is the bank’s Director of IT, Giant will run on a hyperledger fabric blockchain which will provide the modular infrastructure for its piloting.
With Ghana and now Nigeria following the CBDC trend, some analysts posit that most other countries in Africa will soon buy the idea in the future.