• Nigeria is in talks with potential technology partners to create a new system to manage and control its digital currency, the eNaira.
• The Central Bank of Nigeria has spoken about its early-stage intentions with New York-based technology company R3.
• The CBN is collaborating with various providers to investigate technical advances for their digital infrastructure.
Negotiations for Technological Upgrade Of eNaira
Nigeria is currently in discussions with potential technology partners to create a brand-new system and control their digital currency, the eNaira. The Central Bank of Nigeria (CBN) has spoken about its early-stage intentions with New York-based technology company R3, one of the sources claimed.
Launch Of Central Bank Digital Currency
In October 2021, Bitt Inc., which has offices in Draper, Utah, assisted the West African country in launching its central bank digital currency, or CBDC, making it the first nation to do so on the continent.
Goal To Maintain Control Over Technology
The sources claimed that while a new partner would not instantly succeed Bitt, they would aid the central bank in achieving its long-term goal of controlling the underlying technology. The CBN collaborates with numerous service providers to investigate technical advances for their digital infrastructure.
Digital Payments Encouraged Customers To Become Cashless
The need to keep up with private sector advancements in digital payments have encouraged customers all around world to become cashless and given rise to cryptocurrencies and stablecoins. Bank of England and UK Treasury officials are intensifying work on a digital pound colloquially known as “Bitcoin”..
Bitt Working Closely With Nigerian Central Bank
Bitt stated in a written statement that it is: „currently developing more features and advancements“ and that it „continues to work closely with the Nigerian central bank.“