In preparation to celebrate Nigeria’s forthcoming independence day, the Central Bank of Nigeria, CBN, intends to launch its official digital currency. On October 1st, e-naira will be available in your wallet as a cryptocurrency.
Now, blockchain transactions will be added to the federal government’s ledger per CBN Governor, Godwin Emefiele’s previous announcements. At the time, Nigerians have shown anticipation in experiencing how the proposed e-Naira will progress economically in a graphical approach.
According to the CBN’s findings, the blockchain possesses a complex network that covers illegitimate transactions with ease. Several Nigerians have reportedly indulged in using cryptocurrency to replace the legitimate legal tender in Nigeria.
Godwin noted there is a higher tendency for Nigerians to use cryptocurrency to make more illegitimate accounts. ”Under cryptocurrency and Bitcoin, Nigeria comes 2nd while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”
The CBN governor expects Rakiya Mohammed to have concluded his projected research — he represents the CBN in the consorted research project they embarked on with Apex Bank. This project started in 2017 and it is scheduled to end as 2021 runs out.
Project GIANT as the federal government dubbed the research project applies the custom Hyperledger Fabric Blockchain that depicts Nigeria is on the verge to develop the cracked crypto-based blockchain technology that has been impossible to compromise by other fintech experts that have attempted to develop a blockchain crackdown.
Although the CBN appears to be optimistic about launching e-Naira with the belief it will bolster the economy that currently lags. Godwin highlighted other economical sectors the proposed e-Naira will influence, including revenue tax collection, cross-country trade infrastructure, improved remittances, etc.
.Remember the wake of 2021 when the CBN sent directives that instructed financial institutions nationwide to restrict accepting cryptocurrency as a means of legal tender. While CBN prohibits using the digital coin, it bolsters their chances to ascertain in-depth secrets about the blockchain and its complex public network.