CBN to partner with Barbados-based Bitt Inc to launch ‘eNaira’ digital currency
The Central Bank of Nigeria (CBN) has appointed an international fintech firm, Bitt Inc., as the Technical Partner for its digital currency, dubbed eNaira, which would be presented later this year.
This was disclosed on the August 30, 2021 via a recent statement issued and signed by Mr Osita Nwanisobi, the Director, Corporate Communications Department of the CBN.
The CBN announced plans to launch its own digital currency later this year after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.
CBN Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.
The statement partly read: “This development was disclosed in Abuja by the Governor of the Central Bank, Mr. Godwin Emefiele, who listed the benefits of the Central Bank Digital Currency (CBDC) to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.
In the statement , Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.
Barbados-based Bitt earlier this year led development of the Eastern Caribbean Currency Union’s “DCash”, the first digital cash issued by a currency union central bank.