eNaira: CBN Names Technical Partners For NDC

eNaira: CBN Names Technical Partners For NDC

The Central Bank of Nigeria (CBN) has chosen Bitt Inc. as the technical partner for the Nigeria Digital Currency (eNaira).

Before the end of 2021, the eNaira is expected to be launched October 1.

The benefits of the Central Bank Digital Currency (CBDC), according to Governor Godwin Emefiele, are enhanced cross-border trade, rapid financial inclusion, and cheaper and faster remittance inflows.

Easy social interventions, improved monetary policy effectiveness, payment system efficiency, and tax collection are among the others.

Project Giant, as the Nigerian CBDC pilot is known, has been a long and rigorous process, according to CBN Director of Corporate Communications Osita Nwanisobi.

The bank chose to digitize the Naira in 2017 after thorough study and studies, according to the official.

According to him, the CBN followed a global trend by increasing the usage of digital payments and accepting the digital economy.

According to Nwanisobi, more than 85% of Central Banks are considering implementing digital currencies in their countries.

“Bitt Inc was chosen by the CBN from a pool of very competitive bidders because of its technological competency, efficiency, platform security, interoperability, and implementation experience,” he stated.

The business was instrumental in the development and launch of the Eastern Caribbean Central Bank’s (ECCB) CBDC trial in April 2021.