President Stakeholder in Blockchain Technology Association of Nigeria (SiBAN), Senator Ihenyen has said Central Bank of Nigeria’s digital currency (e-naira) will boost the country’s economy.
He stated this when he was reacting to CBN’s planned commencement of digital currency tagged Project GIANT.
According to him, “I believe that the implication of Project Giant for Nigeria’s economy will be positive especially as the country gradually transits to a digital economy.
“First, it is vital to understand that while all cryptocurrencies are digital currencies, not all digital currencies are cryptocurrencies. The proposed eNaira is a digital currency. So is still Nigeria’s legal tender, the Naira.
“The only difference is that the eNaira is a digital Naira which leverages on distributed ledger technology. Therefore, as long as the eNaira is not a cryptocurrency such as bitcoin for example, the idea of crypto volatility really doesn’t apply.
“That said, the stability or otherwise of the eNaira will be essentially determined by the same forces that determine the stability of the Nigerian Naira. Project Giant is a welcome initiative in a digital economy.
“It particularly has the potentials of boosting financial inclusion and easing crossborder transactions. As stakeholders, we look forward to the CBN maximizing the opportunities the eNaira provides while minimizing any risks, both from a cybersecurity and economic angle.”
The Central Bank of Nigeria (CBN) had disclosed that it will launch the pilot scheme of its digital currency on October 1, 2021.
CBN revealed this during a private webinar with stakeholders recently.
Recall that the apex bank earlier on June 10, 2021 stated that it would launch a pilot scheme for its digital currency before the end of the year.
CBN’s Director of Information Technology Rakiya Mohammed said, “Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace.”