In a private webnair press briefing held on Thursday, delivered by the head IT of the Central Bank of Nigeria, Rakiya Mohammed. The pilot scheme is expected to be launched on 1st October 2021, on Nigeria’s independent day celebration.
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Rakiya Mohammed noted that this is the result of the culmination of research embarked by the apex bank since 2017 on procuring digital currency for Nigeria. A proof of acceptance is expected to start before the end of the year.
The project is named GIANT. It is expected to run on Hyperledger Fabric blockchain. Hyperledger Fabric blockchain is multi project open source from Linux Foundation. The blockchain executes 20,000 transactions per second.
The importance of eNaira outlined by the Central bank 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.”
The briefing noted the importance of eNaira for fintech start-ups to include operational effectiveness and easy route for new and emerging start-ups to thrive while harmonising traditional payment systems to the digital currency.