The CBDC stand for Central bank digital currency, After 4 years of development, the Central Bank of Nigeria (CBN) has set to rollout CBDC on Independence Day Oct. 1.
The Nigeria central bank digital currency (CBDC) project is to amid anti-crypto policies, promote cross border trading, faster and cheaper remittance inflows, also in the improvement in monetary policies, payment method effectiveness, and tax collection.
The Governor of the Central Bank of Nigeria Godwin Emefiele said: The project Gaint, as the Nigerian CBDC project is known for, CBN have been working for many years (2017) to digitize the Naira to an E-Naira. Seeing the recent rise in digital payments and the rise in the digital economy.
Details of the project show that they would be strict identity verification for using E-Naira digital currency. CBN plans to introduce an identity system in a tiered form, that place different limit of transaction for each tranche made.
The CBN has partnered with a Fintech firm Bitt inc based in Barbados for its technology project for the CBDC project. According to CBN, the role played by Bitt Inc for the development of eastern Caribbean Central Bank DCash digital currency played a role in selecting the company for the project.