Nigeria to Join CBDC Train Soon

Earlier this year, the Nigerian government ordered financial institutions within its jurisdiction to stop providing their services for all crypto-related transactions while also threatening defaulters with sanctions.

However, in a recent development, the Director of Information Technology at the country’s apex bank, Rakiya Mohammed, has revealed that the authorities were working on the possibility of conducting a trial of its own Central Bank Digital Currency (CBDC) project using the Hyperledger Fabric blockchain on October 1.

Rakiya made this disclosure during a webinar where he stated that a proof of concept of the project tagged “GIANT” is visible before the end of the year. 

The bank executive also cited the fact that Nigeria is making this decision because countries around the world are increasingly working on a national digital currency for their citizens. In his words, “Nigeria also needs to join the CBDC track to facilitate the macro-control of the country and the facilitation of cross-border trade.”

It is important to note that citizens of the west African country have always ranked high in crypto usage and adoption. A recent report from us shows that since the ban on digital assets by the authorities, citizens have depended largely on P2P mode of transactions to carry out their crypto transactions.

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