Digital Currency

CBN to launch E-Naira in October

CBN IS PLANNING TO LAUNCH ITS DIGITAL CURRENCY (E -NAIRA)

The Central Bank Of Nigeria is planning to launch its digital currency in October, 2021.
This announcement was made in a private webiner held on Thursday by CBN and its stakeholders. The bank said it will launch pilot scheme of its digital currency in october 1st, 2021.
Meanwhile, this information was firstly disclosed in June 10, 2021 by The director of Information Technology, CBN, Rakiya Mohammed. She said it during a virtual media briefing at the end of  306th bankers committee meeting held.

The digital currency would be accessible to all Nigerians. Just like everybody has access to cash, everybody will have access to the central bank’s digital currency. Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make.

We have spent over two years studying this concept of central bank’s digital currency and we have identified the risks. And it is one of the reasons why I said we are setting up a central governance structure that would involve all industry stakeholders to access all the risks as we continue on this journey.

Very soon we would make an announcement on the date for the launch and by the end of the year we should have the digital currency,” the central bank director added.

Yes that speech was made by the director IT of Central Bank Of Nigeria.

According to Nairamatrice, the information was disclosed by some private sources that the pilot scheme will be launched in October 1, 2021.

The project name is tagged GIANT and it will use Hyper-Ledger Fibric Block chain.

The Importance Of Nigeria Digital Currency (E-Naira)

According to CBN Governor, Godwin Emefiele and Director IT, Mohammad, they said the digital currency will enhance Macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.

And also, The Nigeria Apex Bank underlined the benefits and important for the fintech ecosystem that include enhanced operational efficiency, opportunities for fin-tech, start-ups in building services/products like financial   inclusion    that will contribute to the economic growth, also with the creation of a new system complimenting the traditional payment system.

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