Nigeria cryptocurrency: Nigeria to partner with Bitt Inc to launch ‘eNaira’ digital currency

Synopsis

The Central Bank announced plans to launch its own digital currency later this year after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.

Central Bank Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.

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ABUJA: Nigeria will work with Bitt Inc as a technical partner in its bid to launch its own cryptocurrency, the “eNaira”, the Central Bank said on Monday.

The Central Bank announced plans to launch its own digital currency later this year after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.

Central Bank Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Did you Know?

Financial payments startup Square is working on a real-world wallet for bitcoin. Hardware wallets can be used to store digital currency offline, synching with applications for transactions on the internet.

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Barbados-based Bitt earlier this year led development of the Eastern Caribbean Currency Union’s “DCash”, the first digital cash issued by a currency union central bank.

Source

Updated: 08/31/2021 — 05:00