In Brief:
- The CBN works with global Fintech firm Bitt inc. as the technical partner
- The central bank plans to launch its own digital currency later this year
- The Bank’s decision to digitize the Naira in 2017
The Central Bank of Nigeria(CBN) will work with fintech firm Bitt Inc. as the technical Partner for its digital currency project, the e-Naira.
According to the announcement, the CBN plans to launch its own digital currency later this year. CBN also said it had selected Bitt Inc based on its technological competence, efficiency platform security, interoperability, and implementation experience.
In justifying the selection of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintech’s “tested and proven digital currency experience”. The Governor of the Central Bank, Mr. Godwin Emefiele, listed the importance and benefits of the CBDC, the e-Naira.
Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process for the CBN. 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% of Central Banks are now considering adopting digital currencies in their countries,” the CBN said.
In various Eastern Caribbean Countries, Bitt.Inc. was key to the development and successful launch of the CBDC pilot of ECCB in April 2021.
Last month, the neighboring country of Nigeria, Ghana also took a step forward to pilot a CBDC. The Bank of Ghana partnered with Giesecke+Devrient to pilot a general-purpose CBDC in Ghana, West Africa..
