Connect with us

Technology

Just IN: CBN Ready to Launch its Own CryptoCurrency by October 1st

Published

on

The Central Bank of Nigeria (CBN) with its stakeholders outlined its digital currency initiative via a private webinar held today.

The Nigerian Central Bank Governor, Godwin Emefiele had earlier announced that the bank will be working on a central bank digital currency during the 306th Banker’s Committee meeting.

CBN Stimulus package

According to private sources, the pilot scheme will be launched on October 1st, 2021.

The press briefing delivered by the Director IT department, Rakiya Mohammed, at the end of the meeting further explained that the Bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.

The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain.

Nigeria’s central bank further revealed that the importance of eNaira includes 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.

News14 mins ago

How we lost one of our finest officers to rampaging ‘hoodlums’ in Ajao Estate, Lagos – Police

Business News19 mins ago

AfCFTA: NSACC Calls for Free Visas Across Africa

News34 mins ago

UPDC among top gainers as market cap rises by 0.12%

News44 mins ago

What we are doing to achieve food security in Nigeria – Buhari tells UN Summit

News1 hour ago

BREAKING: Obaseki finally releases long-awaited cabinet list [LIST ATTACHED]

News2 hours ago

Ex-President Zuma released from prison on medical parole

News2 hours ago

Osun threatens to bar civil servants from secretariat over COVID-19 vaccine

World2 hours ago

Prayer in Public Schools Is Back…as Long as It’s Prayer to Allah

News3 hours ago

German Chancellor, Angela Merkel, faults Nigerian govt over failed Siemens power project

World3 hours ago

MSNBC Host: ‘White Supremacy Is Now a Key Ideology of the Republican Party’

News3 hours ago

Guineans celebrate as soldiers seize power (photos)

World4 hours ago

Afghan Refugees at Fort McCoy Charged With…Acting Like They’re Still in Afghanistan

News4 hours ago

SocialMediaTrends: Reaction trails ‘shocking’ demise of ex-CBN deputy chief, Obadiah Mailafia

News5 hours ago

What’s Happening in SCOA Nigeria: Chairman, CEO, others lose N1.14bn – What you should know

News5 hours ago

BREAKING: Buhari approves activities to mark Nigeria at 61

World5 hours ago

‘The Jews Are Evil’: Ohio Man Converts to Islam, Plots Massacre at Synagogue

News5 hours ago

ECOWAS condemns Guinea coup, demands immediate release of ousted President

World5 hours ago

10% of Biden’s Afghanistan Aid Will Go To Taliban

News6 hours ago

HURIWA alleges Mailafia may have been killed, demands probe of death

Metro6 hours ago

Turkish transgender doctor banned from profession for posting semi-naked photos on social media

Viral20 hours ago

Rihanna Reaches Out To 17-Year-Old Nigerian Hawker, Salle After Viral Video

Entertainment20 hours ago

#BBNaija: “I would like to have a 3some with Nengi and Vee” – Pere

News14 hours ago

Father, mother, son, drown inside US apartment following Hurricane Ida flood

News7 hours ago

COVID-19: Nigerian govt lifts flight ban on India

News10 hours ago

Taliban breaks up women protesters in Afghan capital

Business News21 hours ago

Nigerian Naira Weakens by 0.12% at Official Window

News16 hours ago

Domestic flights resume at Kabul International Airport

Politics13 hours ago

BREAKING: Governor Sanwoolu receives Guiness World Record Certificate [PHOTOS]

Politics13 hours ago

JUST IN: Policeman who killed Monsura Ojuade arraigned in court [PHOTOS]

Politics9 hours ago

BREAKING: FG extends N-Power verification exercise

Business News14 hours ago

Chipper Cash Launches Free P2P Money Transfers in SA

Politics16 hours ago

BREAKING: Biafra agitators arrested in Benue State – BNL

News6 hours ago

Naira heading to N600/$1, British pounds goes for N760/ £1

News6 hours ago

HURIWA alleges Mailafia may have been killed, demands probe of death

Entertainment14 hours ago

#BBNaija: “I hope you’re still waiting for me” – Pere breaks down in tears while sending shoutout to his girlfriend and mum (Video)

News10 hours ago

Lagos council mourns King Sunny Ade’s wife

Entertainment6 hours ago

Video of a ‘Shuwa Arab’ child beggar speaking Yoruba fluently trends (video)

Entertainment12 hours ago

#BBNaija: Angel reveals she has a boyfriend outside the house; People dig up loved-up video of them together

Health10 hours ago

Warning Signs Your Liver Is Failing, Say Experts

News5 hours ago

ECOWAS condemns Guinea coup, demands immediate release of ousted President

Trending