The CBN Has Enlisted The Help Of A British Fintech Firm To Build Digital Currency

On Monday, the Central Bank of Nigeria announced the formal engagement of Bitt Inc., a worldwide fintech firm, as its technical partner for its digital currency.

The CBN has stated that the digital currency, dubbed ‘eNaira,’ will be unveiled before the end of the year.

The CBN Governor, Godwin Emefiele, said the benefits of the central bank digital currency include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions, according to a statement by the acting Director, Corporate Communication, Osita Nwanisobi.

He added that the virtual currency would increase the effectiveness of monetary policy, the efficiency of payment networks, and tax collection.

“Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process for the CBN, beginning with the bank’s decision to digitize the naira in 2017 after extensive research and explorations,” the bank stated.

“The CBN’s decision follows an unmistakable global trend in which over 85% of central banks are now considering adopting digital currencies in their countries, given the significant explosion in the use of digital payments and the rise of the digital economy.”

Bitt Inc. was chosen by the CBN from a pool of highly competitive bids based on its technological competence, efficiency, platform security, interoperability, and implementation experience, according to the CBN.

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