Nigeria's planned digital currency: Who benefits?

The Central Bank of Nigeria is set to embark on a groundbreaking initiative with the launch of the Digital Currency Initiative on October 1st, tagged 'Giant', which will utilize the Hyperledger Fabric blockchain. This move has sparked conversations about the implications and potential benefits of venturing into the world of virtual currency. To shed more light on the subject, CNBC Africa had the opportunity to speak with Hakim D. Sue, CEO of KOINWA, to delve into the intricacies of this digital leap. The conversation touched on various aspects from the working mechanics of digital currency to its potential impact on the Nigerian and African financial sectors. The interview emphasized the transformative power of digital currency in revolutionizing financial inclusion and fostering foreign investments in the region. The interview also highlighted the importance of supporting infrastructure such as the Hyperledger Fabric blockchain in ensuring the success and reliability of this new initiative. The discussion also briefly touched on the risks associated with digital currency and the reassurances provided by the Central Bank of Nigeria to mitigate any potential threats. Overall, the interview showcased the promising prospects that the Digital Currency Initiative holds for Nigeria and the African continent as a whole, signaling a new era of financial innovation and progress.