Central Bank Of Nigeria Will Work On The CBDC

The Central Bank of Nigeria will work on the CBDC. The country announced its decision to launch a pilot.

The Central Bank of Nigeria announced its decision to pilot the central bank digital currency (CBDC) program on October 1. With this decision, Nigeria became one of the countries that took steps to issue a CBDC. The Nigerian Central Bank's attempt to launch a CBDC pilot program received positive reviews from leading cryptocurrency experts in the country. Also, Jafarudeen Samad, CEO of Mondo exchange, a peer-to-peer cryptocurrency platform, said that Nigeria's CBDC move will encourage and facilitate central banks of other African countries to do the same. Godwin Emefiele, Governor of the Central Bank of Nigeria, said in a statement recently that digital currencies will have a place in the country despite the current bans. Additionally, Mohammed reported that the CBDC pilot program will be overseen by Hyperledger Fabric, a blockchain startup focused on developing enterprise-grade applications and industry solutions to accommodate a wide variety of use cases.