october 1st is the target date of nigeria’s central bank to pilot cbdc

as early as october 1, the central bank of nigeria (cbn) may begin testing its central bank digital currency (cbdc) called e-naira. cbdc will make cash more accessible and allow nigerians to join in the country’s burgeoning e-commerce economy. the enormous volume of remittances received by nigeria also motivates the central bank.

nigeria has stated that a prototype phase of their e-naira will begin in 2021. It is the second country in west africa to declare plans for a digital currency. by september, the bank of ghana will begin testing its digital cedi. india also announced last week that it may soon begin testing its digital rupee.

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