Nigeria will work with Bitt Inc as a technical partner in its bid to launch its own cryptocurrency, the “eNaira”, the Central Bank said on Monday.
The Central Bank 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.
In a statement signed by the Director of Corporate Communications, CBN, Osita Nwanisobi, “the CBN’s decision follows an unmistakable global trend in which over 85 per cent of Central Banks are now considering adopting digital currencies in their countries.”
Central Bank Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows. Barbados-based Bitt earlier this year led the development of the Eastern Caribbean Currency Union’s “DCash”, the first digital cash issued by a currency union central bank.
Bitt is a Financial Technology company that utilizes blockchain and distributed ledger technology to facilitate secure peer-to-peer transactions with seamless mobile money across a suite of Bitt’s Software and Mobile Applications.