Central Bank of Nigeria partners with global fintech company for e-Naira

Bitt Inc., a worldwide fintech firm, has been named as the Technical Partner for the Central Bank of Nigeria's (CBN) digital currency, called eNaira, which would be unveiled before the end of the year.

According to a recent circular sent by Osita Nwanisobi, the acting Director of Corporate Communication. The benefits of the central bank digital currency, according to the CBN Governor, Godwin Emefiele, include enhanced cross-border trade, quicker financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions. He went on to say that the virtual currency would also assure the effectiveness of monetary policy, the efficiency of payment networks, and tax compliance.

According to the CBN, the selection of Bitt Inc. as the official Technical partner was based on the company's tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries. Furthermore, the firm's technological competence, efficiency, platform security, interoperability, and implementation experience was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.

Nigeria is the leading country per capita for Bitcoin and cryptocurrency adoption in the world. 

Prior to the development of the e-Naira, the Central Bank has been exploring the possibility of regulating cryptocurrency in Nigeria. This comes amid the widespread belief that the cryptocurrency market in Nigeria is currently booming, and retail investors are adding fuel to the fire with their excitement.

According to recent data published by Statista, Nigeria ranks 1st globally as the leading country per capita for Bitcoin and cryptocurrency adoption, with nearly one-in-three Nigerians indicating they used or owned crypto assets in 2020.