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.
Bitt is a Barbados-based financial technology company that utilises 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.
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.
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.
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.