Nigeria’s central bank collaborates with fintech firm Bitt Inc to implement CBDC.

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Bitt Inc’s experience in developing the Eastern Caribbean Central Bank’s DCash, which was introduced in April, was taken into account by the CBN.

Bitt Inc, based in Barbados, would serve as the Central Bank of Nigeria’s technical partner for its proposed e-naira digital money.

 

The Central Bank of Nigeria (CBN) said on Monday that it has picked Bitt Inc based on the company’s “technical competency, efficiency, platform security, interoperability, and implementation experience.” It also took into account the fintech firm’s involvement in the creation of the Eastern Caribbean Central Bank’s digital currency, DCash, which was launched in April.

The news of the cooperation came on the same day that the CBN announced preliminary guidelines for the central bank digital currency, or CBDC, known as the e-naira. The Nigerian central bank’s Project Giant project will be tied to the value of the country’s fiat currency, the naira. The CBN is allegedly planning to pilot the CBDC in October, however the central bank in neighbouring Ghana is also mulling a digital currency deployment soon.

See also  Despite regulatory uncertainties, a Nigerian secondary school will accept cryptocurrency payments.

The Central Bank of Nigeria restricted commercial banks from offering account services to cryptocurrency exchanges in February. Despite the crackdown, reports indicate that interest in cryptocurrencies and trading volume in the country is still growing.

 

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