Nigeria Central Bank Issues CBDC Guidelines to Commercial Banks: Report

The CBN is planning to launch a pilot of its digital currency project, called Project Giant, in October.

By
Aug 30, 2021 at 9:04 p.m. UTC
Updated Aug 30, 2021 at 9:28 p.m. UTC

Nigerian banks will be able to invite their customers to register for the African nation’s central bank digital currency (CBDC), the e-naira, according to a report by the business publication Nairametrics.

  • The Central Bank of Nigeria (CBN) outlined design features, use cases and guidelines in a document it shared with the country’s banks as it prepares a pilot for an October launch, according to the report published on Sunday.
  • The e-naira will be a non-interest-bearing CBDC, and customers won’t be charged for user-to-merchant transactions and peer-to-peer wallet transactions.
  • A presentation circulating via Twitter and WhatsApp, and bearing the insignia of the CBN, said that the CBDC will have the same purchasing power as the naira.
  • The presentation also indicates that the e-naira project, which is dubbed “Project Giant,” is in phase three of four phases leading up to the October pilot.
  • Phase three calls for introducing banks to the project, and phase four focuses on educating customers about the digital currency.
  • E-naira project participants will be involved in five ways, according to Nairametrics, with the CBN handling the issuance and distribution of the currency, while licensed financial institutions will be able to “request currency or issue stablecoins”
  • The report also notes that the currency will have to comply with anti-money laundering (AML) and know-your-customer (KYC) requirements laid out by the CBN.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
After Armstrong Tweet, India's Crypto Policy Body Says No Contempt of Court Challenge vs. RBI

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

CoinDesk - Unknown
2
CoinDesk - Unknown
Portuguese Congress Rejects Two Bills Seeking to Tax Crypto

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: Regulatory Attention on Terra Could Change South Korean Trading Environment; Bitcoin Goes Sideways

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

CoinDesk - Unknown
4
CoinDesk - Unknown
A16z Doubles Down on Crypto Investments Despite Market Downturn, and NFL Launches Play-to-Earn NFT Game

The most valuable crypto stories for Wednesday, May 25, 2022.

The most valuable crypto stories for Wednesday, May 25, 2022.

CoinDesk - Unknown