The Central Bank of Nigeria (CBN) has chosen Bitt Inc. as the technical partner for the eNaira digital currency.
Before the end of 2021, the eNaira is expected to be launched.
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.
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.
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.
The firm was key to the development and launch of the CBDC pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.