CBN Selects Bitt Inc. as Technical Partner for E-Naira

Nigeria Selects Bitt Inc. as Technical Partner for E-Naira

By Bashir Olanrewaju

The Central Bank of Nigeria selected international financial technology company, Bitt Incorporated, as the technical partner for the roll out of its digital currency, e-naira,

“In choosing Bitt Inc., the CBN will rely on the company’s tested and proven digital currency experience, ” the Central Bank of Nigeria said in a statement on its website.

Digital currencies overseen by the company are “already lready in circulation in several Eastern Caribbean Countries,” the central bank said in the statement. Earlier in the year the regulator had named October 1 as the start date for use of the digital payment.

Central bank Governor Godwin Emefiele said the expected benefits for Nigeria include easier cross-border trade, the inclusion of more people in the financial system, improved foreign remittance flows and easier deployment of funds for social interventions.