• Nigeria’s central bank collaborates with fintech firm Bitt Inc to implement CBDC

  • Bitt Inc, based in Barbados, will serve as the Central Bank of Nigeria’s technical partner for its proposed e-naira digital currency.

    The Central Bank of Nigeria (CBN) announced on Monday that it had chosen Bitt Inc based on the company’s “technological competence, efficiency, platform security, interoperability, and implementation experience.” It also took into account the fintech firm’s involvement in the creation of the Eastern Caribbean Central Bank’s digital currency, DCash, which was launched in April.

    The announcement of the partnership comes on the same day that the CBN issued preliminary guidelines for its central bank digital currency, or CBDC, known as the e-naira. The Nigerian central bank’s Project Giant initiative will be tied to the value of the country’s fiat currency, the naira. The CBN is reportedly planning to pilot the CBDC in October, though the central bank in neighboring Ghana is also considering a digital currency rollout soon.

    The Central Bank of Nigeria prohibited commercial banks from providing account services to cryptocurrency exchanges in February. Despite the crackdown, reports indicate that interest in cryptocurrency and trading volume in the country is still growing.

    What's your reaction?