Key Takeaways
- Barbados firm Bitt Inc set to develop the e-Naira
- The fintech firm was also in charge of the development of the ECCB digital currency.
- Nigerians optimistic about the impending launch of the e-Naira
This development was revealed in a statement earlier on Monday by the director of communications for the Central Bank, Osita Nwanisobi.
According to the statement, Bitt Inc will be collaborating with the CBN as the technical partner for the eNaira.
Nwasisobi also noted that the company had the required technical know-how and experience to help the apex bank successfully deploy and launch the digital currency.
Moreover, Bitt Inc is no stranger to developing CBDCs.
The Barbados-based fintech was the technical partner of the Eastern Caribbean Central Bank (ECCB) digital currency project.
It successfully deployed and developed the digital currency that was launched in April 2021.
The Nigerian central bank will be hoping that Bitt Inc will implement the existing framework for the eNaira.
The company has less than a month to work on the project since the preferred launch date has been set to October 1, 2021.
The CBN has also continued to release more details about the eNaira the launch date inches closer.
Last week, the Central Bank released a guideline that highlighted the roles of Banks, merchants, and other financial institutions in implementing the digital currency.
The e-Naira is expected to resolve the existing problems of financial exclusion and enable faster remittance payments within the country.
It will also expand on the existing digital economic infrastructure and improve cross-border trade.
The public perception of the e-Naira has been relatively optimistic within the local crypto community.
Many are happy that the country is finally creating a digital currency, but there are still uncertainties about existing regulations.
Cryptocurrencies were effectively banned in February by the CBN.
However, that has not stopped Nigeria from ranking as the biggest bitcoin market in Africa.
Do you think the e-Naira will lead to significant progress in Nigeria?
