CBN names foreign firm Bitt as technical partner for eNaira

The Central Bank of Nigeria (CBN) has appointed a global fintech firm, Bitt Inc, as the technical partner for its digital currency, eNaira.

The eNaira is due to be unveiled later in October this year.

This development was disclosed in Abuja by the Governor of the Central Bank, 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.

In a statement, CBN Acting Director, Corporate Communication, Osita Nwanisobi, said Project Giant, as the Nigerian CBDC pilot is known, had been a long and thorough process for the CBN, with the bank’s decision to digitise the naira in 2017, following extensive research and explorations.

It said, “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 per cent 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.

It stated that the CBN would rely on the company’s tested and proven digital currency experience, already in circulation in several Eastern Caribbean Countries.

Bitt Inc was key to the development and successful launch of the central bank digital currency pilot of the Eastern Caribbean Central Bank (ECCB) in April, this year.