The Central Bank of Nigeria to Conduct its Central Bank Digital Currency Pilot on October 1

The Central Bank of Nigeria (CBN) officially announced that it will officially pilot its central bank digital currency (CBDC) on the Hyperledger Fabric blockchain on October 1.

Rakiya Mohammed, Director of Information Technology at the Bank of Nigeria, stated in a webinar that it is possible to conduct a corresponding proof of concept (POC) by the end of this year at the latest.

According to reports, this project "GIANT" will operate on the Hyperledger Fabric blockchain, dedicated to providing private companies with blockchain-based products, solutions, and applications.

The Central Bank of Nigeria stated that about 80% of central banks worldwide are issuing CBDC or have already issued their CBDCs, including Thailand, China, the United States, South Korea, Ghana, Philippines, etc.

Nigeria’s Central Bank also stated that Nigeria also needs to join the CBDC track to facilitate the macro-control of the country and the facilitation of cross-border trade.

As early as before, Nigeria has always maintained a hostile attitude towards cryptocurrencies. As reported by Blockchain.News on February 8 this year, the Central Bank of Nigeria (CBN) has doubled down its efforts to cripple cryptocurrency transactions in the country, stating they are a breeding ground for illegal activities.