Close Menu
AlexaBlockchain
  • News
  • Press Releases
    • Submit Press Release
  • Adoption
  • Funding
  • Interview
  • Policy
  • Explained
    • Bitcoin Halving 2024: Will it Trigger the Next Bull Run?
    • Everything You Wanted to Know About Bitcoin But Were Too Afraid To Ask
    • Cryptocurrency: what makes it so popular?
    • Top Five Crypto Scams And How To Avoid Them
    • Cloud Mining Explained
    • What are NFTs?
    • What is a Web3 Browser?
    • How To Build High Quality Crypto Backlinks
  • About
  • Advertise
  • Trending
    • #BitcoinHalving
    • #CloudMining
    • #Web3.0
    • #Metaverse
    • #NFTs
    • #PlayToEarn
    • #DeFi
    • #BlockchainTechnology
    • #Bitcoin
    • #Cryptocurrency
    • #DigitalAssets
Facebook X (Twitter) Instagram
Friday, May 16
  • Advertise
  • Crypto PR
  • Partner
  • Submit Press Release
  • Contact Us
X (Twitter) Facebook LinkedIn Instagram
AlexaBlockchain
Banner
  • News
  • Press Releases
    • Submit Press Release
  • Adoption
  • Funding
  • Interview
  • Policy
  • Explained
    • Bitcoin Halving 2024: Will it Trigger the Next Bull Run?
    • Everything You Wanted to Know About Bitcoin But Were Too Afraid To Ask
    • Cryptocurrency: what makes it so popular?
    • Top Five Crypto Scams And How To Avoid Them
    • Cloud Mining Explained
    • What are NFTs?
    • What is a Web3 Browser?
    • How To Build High Quality Crypto Backlinks
  • About
  • Advertise
  • Trending
    • #BitcoinHalving
    • #CloudMining
    • #Web3.0
    • #Metaverse
    • #NFTs
    • #PlayToEarn
    • #DeFi
    • #BlockchainTechnology
    • #Bitcoin
    • #Cryptocurrency
    • #DigitalAssets
AlexaBlockchain
You are at:Home » Nigeria Pushes For CBDC Pilot Amid Rising Interest In Cryptocurrency
CBDC

Nigeria Pushes For CBDC Pilot Amid Rising Interest In Cryptocurrency

AB News DeskBy AB News DeskJuly 24, 2021Updated:July 25, 2021No Comments3 Mins Read
Twitter Facebook LinkedIn Reddit Email WhatsApp
Nigeria Pushes For CBDC Pilot Amid Rising Interest In Cryptocurrency - AlexaBlockchain
The Central Bank of Nigeria
Share
Twitter Facebook LinkedIn Pinterest Reddit Telegram Email WhatsApp

The Central Bank of Nigeria has planned to launch its CBDC (central bank digital currency) pilot on October1, 2021. The Bank may launch a proof of concept by the end of the year.

Nigeria, July 24, 2021 /AlexaBlockchain/ – Latest in the list of central banks announcing a digital currency is Nigeria. The Central Bank of Nigeria’s information technology director, Rakiya Mohammed, revealed during a webinar that the West African country will launch its CBDC pilot on October1, 2021, reports The Peoples Gazette.

Central Banks Across The Globe Pushing For CBDC

The interest in Bitcoin and other cryptocurrencies has grown significantly in the recent past. The new interest is equally among retail users as well as businesses.

If we look at the developments around cryptocurrency this year, it is clear that there is wider level of acceptance in this new system which was missing a year ago.

Governments and central banks that were earlier reluctant to recognize Bitcoin and other altcoin cryptocurrencies are now amid huge pressure with the growing adoption among enterprises. A trend has now emerged amongst Central banks to issue digital version of the fiat as there is little scope for them to counter public digital currencies like Bitcoin.

GIANT – Nigeria’s CBDC Project

The Central Bank of Nigeria has been developing its CBDC project “GIANT” since 2017. GIANT is built on the open-source Hyperledger Fabric blockchain. Apart from the planned CBDC pilot, the IT director said the bank might conduct a Proof of Concept (PoC) before the end of this year.

During the presentation, the Rakiya Mohammed stated that about 80 per cent of central banks worldwide were currently entertaining the possibility of issuing central bank digital currency (CBDC), and Nigeria could not be left behind.

The Central Bank of Nigeria believes that CBDC would be beneficial for macro and growth management, cross-border trade support and most importantly for financial inclusion.

Additionally, the Nigerian central bank is of the view that CBDC has the potential to bring more benefits ranging from higher efficiency for cross-border payments, better monetary policy execution, improved tax collection, and the facilitation of targeted social programs.

Yes To CBDC No to Crypto

Nigeria is working on its CBDC, and now it has announced a pilot for the same. However, it is not allowing its citizens to adopt Bitcoin and other cryptocurrencies. In February, The Central Bank of Nigeria banned the trading of cryptocurrencies due to fears over potential fraudulent investments, money laundering, terrorism financing, and other crimes. The CBN directed banks and other financial institutions in Nigeria to close customers’ accounts that were associated with the trading of cryptocurrencies.

Despite the ban and restrictions on trading, Nigeria is one of the world’s largest Bitcoin trading markets. According to a March survey on crypto, 32% of people in Nigeria use crypto, with the majority using peer-to-peer trading via exchanges and other platforms to facilitate their exchange of Bitcoin.

Nigeria’s annual inflation have also spiked to around 18%, which has devalued the Naira and turned a tech-savvy population towards Bitcoin and other cryptocurrencies.

Bitcoin Blockchain Technology Central Bank of Nigeria Digital Currency Nigeria
Share. Twitter Facebook LinkedIn Reddit Pinterest Tumblr Telegram Email WhatsApp
AB News Desk
  • Website

AB News Desk is a trained group of web journalists and reporters who collect news from all over the blockchain market landscape. AB News Desk covers developments on Blockchain Industry including Distributed Ledger, Smart Contracts, Digital Assets, Cryptos, FinTech, Bitcoin, DApps, DeFi, and more. To connect, please write to Editor at info@alexablockchain.com.

More AlexaBlockchain

Bitcoin Sets Course for $152K by Q1 2026

May 3, 2025

Bitcoin Nears $100K as Institutions and Macro Tailwinds Fuel Crypto Rally

May 2, 2025

Playtron Launches Game Dollar Stablecoin for $500B Gaming Economy

May 2, 2025

​Cantor, SoftBank, and Tether Unite for $3.6B Bitcoin Venture

April 23, 2025

Bitcoin Breaks $94.4K Amid Market Rally, But Resistance Looms​

April 23, 2025

Bitcoin Surges Past $88,400 as US Stocks Slide on Fed Uncertainty

April 21, 2025
Add A Comment

Comments are closed.

Don't Miss

Antix Raises $8.2M to Launch Tokenized Digital Humans

BitPay Launches HODL Pay to Let Users Borrow Against Crypto and Spend Without Selling

SKALE Labs Launches BITE Protocol to Eliminate $1.8B MEV Threat

Taxbit Appoints Six Top Executives Across the UK, Europe, and LatAm

Trending Topics
  • Blockchain News
  • Blockchain Technology
  • Blockchain Platforms
  • Blockchain Regulation
  • Bitcoin News
  • Ethereum News
  • Ripple News
  • Tezos News
  • CBDC
  • NFTs
Featured Companies
  • Binance
  • Tech Mahindra
  • Huobi
  • Efforce
  • Future FinTech Group
  • SuburbanColors
  • Launchpool Labs
  • Lucky Crab Club
  • SIMBA Chain
  • Bulldog Law
Stay Updated
  • Events
  • Newsletters
  • Follow
  • Follow on Google News
  • Blockchain Directory
Get In Touch
  • Crypto PR
  • Advertise
  • Partner
  • About
  • Masthead
  • Careers
  • Write for Us
  • Submit Press Release
  • Submit Guest Post
  • Contact US
Copyright © 2025. AlexaBlockchain
  • About
  • Advertise
  • Crypto PR
  • Submit Press Release
  • Write for Us
  • Careers
  • Privacy Policy
  • Affiliate Disclosure
  • Disclaimer
  • Contact

Type above and press Enter to search. Press Esc to cancel.