CBN Selects Technical Partner For Digital Currency Project

The Central Bank of Nigeria (CBN) has announced the formal
engagement of the global Fintech company, Bitt Inc, as the
Technical Partner for its digital currency, named eNaira, which is
due to be unveiled later in the year.

This development was disclosed in Abuja by the Governor of the
Central Bank, Mr Godwin Emefiele, who listed the benefits of the
Central Bank Digital Currency (CBDC) to include increased
cross-border trade, accelerated financial inclusion, cheaper and
faster remittance inflows, easier targeted social interventions, as
well as improvements in monetary policy effectiveness, payment
systems efficiency, and tax collection.

Project Giant, as the Nigerian CBDC pilot is known, has been a
long and thorough process for the CBN, with the Bank’s decision to
digitize the Naira in 2017, following extensive research and
explorations.

Given the significant explosion in the use of digital payments
and the rise in the digital economy, the CBN’s decision follows an
unmistakable global trend in which over 85 percent of Central Banks
are now considering adopting digital currencies in their
countries.

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, a statement signed by Osita Nwanisobi Director,
Corporate Communications CBN noted.

In choosing Bitt Inc, the CBN said it will rely on the company’s
tested and proven digital currency experience, which is already in
circulation in several Eastern Caribbean Countries. Bitt Inc. 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.

The Central Bank of Nigeria (CBN) has announced the formal
engagement of the global Fintech company, Bitt Inc, as the
Technical Partner for its digital currency, named eNaira, which is
due to be unveiled later in the year.

This development was disclosed in Abuja by the Governor of the
Central Bank, Mr Godwin Emefiele, who listed the benefits of the
Central Bank Digital Currency (CBDC) to include increased
cross-border trade, accelerated financial inclusion, cheaper and
faster remittance inflows, easier targeted social interventions, as
well as improvements in monetary policy effectiveness, payment
systems efficiency, and tax collection.

Project Giant, as the Nigerian CBDC pilot is known, has been a
long and thorough process for the CBN, with the Bank’s decision to
digitize the Naira in 2017, following extensive research and
explorations.

Given the significant explosion in the use of digital payments
and the rise in the digital economy, the CBN’s decision follows an
unmistakable global trend in which over 85 percent of Central Banks
are now considering adopting digital currencies in their
countries.

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, a statement signed by Osita Nwanisobi Director,
Corporate Communications CBN noted.

In choosing Bitt Inc, the CBN said it will rely on the company’s
tested and proven digital currency experience, which is already in
circulation in several Eastern Caribbean Countries. Bitt Inc. 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.