Nigeria Collaborates With Bitt Exchange to Launch Its Crypto eNaira
- Nigeria Collaborates with Bitt Exchange to launch its crypto eNaira
- The currency would accelerate financial inclusion.
- CBN plans to launch the pilot scheme of eNaira by October 1.
Nigeria Collaborates with Barbados-based digital assets exchange, Bitt to launch its cryptocurrency, the “eNaira”, announced by the Central Bank on Monday.
Accordingly, the Central Bank announced, they are in the plan to launch its digital currency later this year after Nigeria barred banks and financial institutions from dealing in or enabling transactions in cryptocurrencies in February.
More so, Godwin Emefiele, Governor of Central Bank has said eNaira will perform as a wallet against which customers can hold the existing fund in their bank account.
Even more, CBN has also released new guidelines through a presentation seen by TechCabal on how the eNaira cryptocurrency will be regulated, developed, and issued. The eNaira, expected to become an authorized and legal tender for all of Nigeria and set to access to both bank account and non-account holders.
At the beginning of the year, Bitt has led the development of the Eastern Caribbean Currency Union’s DCash, the first digital cash provided by a currency union central bank.
On Monday, Central Bank Governor stated, the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows. Earlier CBN said it will launch the pilot scheme of eNaira by October 1, 2021. Furthermore, the spokesperson of CBN, Osita Nwanisobi, said, the selection of Bitt from among highly competitive bidders depends on the company’s technological competence, efficiency platform security, interoperability, and implementation experience.
In addition, CBN has stated, the other Nigerian banks are to market and promote the adoption of eNaira as a digital version of cash to existing and potential customers, in support of the financial inclusion objective of the CBN.
