CBN names technical partners for Nigeria’s digital currency - eNaira

user_icon  CBN names technical partners for Nigeria’s digital currency - eNaira Posted by: NOTICE.COM.NG Staff
calendar-icon  CBN names technical partners for Nigeria’s digital currency - eNaira Posted on: 2021-08-31 09:21:13
 CBN names technical partners for Nigeria’s digital currency - eNaira EF7A2FCB-91EA-4D83-BFDF-AB32F356D16C49571

The Central Bank of Nigeria (CBN) has selected Fintech company, Bitt Inc., as the Technical Partner for digital currency, eNaira.

eNaira is expected to be unveiled before the end of 2021.

Governor Godwin Emefiele said the benefits of the Central Bank Digital Currency (CBDC) include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows.

DO YOU KNOW >>> High cost of cement will render most Nigerian People homeless – Group

Others are easier social interventions, improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.

CBN Director, Corporate Communications, Osita Nwanisobi said Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process.

The spokesman recalled that the bank decided to digitize the Naira in 2017, following extensive research and explorations.

READ ALSO >>> FCCPC, CBN, EFCC hunt money lenders harassing Nigerian People

He said due to the rise in the use of digital payments and the acceptance of digital economy, the CBN followed a global trend.

More than 85 percent of Central Banks are now considering adopting digital currencies in their countries, Nwanisobi noted.

"The CBN's selection of Bitt Inc, from among highly competitive bidders, was hinged on the company's technological competence, efficiency, platform security, interoperability, and implementation experience”, he said.

READ ALSO >>> Critical reflections on Nigeria’s eNaira - Aminu Abdullahi

The firm was key to the development and launch of the CBDC pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.

READ ALSO >>> Nigerian universities on suicidal path – Ex-FUTMinna VC, Professor Akanji

HILARIOUS >>> WATCH Comedy Video: Oga Sabinus - Sabinus The Barber

BREAKING >>> There’s timebomb in Chelsea's dressing room – Carragher warns Tuchel - EPL

LISTEN TO >>> Music Mp3: Skiibi Ft Davido - Baddest Boy (Remix)

WATCH >>> Comedy Video: MC Lively - Women Supporting Women

READ ALSO >>> Download Music Video: Sempe By Prokassi Ft Falz

For All Nigeria Past Questions Visit www.QUESTION.NG

Kindly share this post on different Social Media below



NOTE: User comments in this section are, as the name implies, provided by users of this website. The team is not responsible for, nor do they endorse, any of the information provided here.