06/09/2021
How will the much-anticipated CBN e-Naira fare?
The Central Bank of Nigeria has enlisted the help of Bitt Inc., a worldwide Fintech firm based in Barbados, as the technical partner for the country's digital currency. The digital currency, dubbed e-Naira, will be unveiled later this year, on October 1st, 2021, according to the Central Bank Governor. Godwin Emiefele indicated that Bitt Inc was chosen from among the very competitive bidders based on the following criteria:
Technological competency, efficiency, platform security, interoperability, and implementation experience of the organization. Bitt Inc was picked, according to Emefiele, because of the company's tested and proven digital currency experience. This was thought to improve the selection because different coins are already in circulation in the Eastern Caribbean countries.
The Nigerian Central Bank's decision to launch digital money comes six months after the country's crypto-currency was outlawed. The CBN will govern cryptocurrency, which is a type of digital currency.
According to the CBN governor, the Project Giant CBDB pilot is a lengthy procedure for the CBN. After much research and studies, the top bank decided in 2017 to digitalize the Naira.
Benefits of the CBN e-Naira
The benefits of the e-naira, according to the CBN governor, include:
1) increased cross-border trade
2) faster financial inclusion
3) Inflows of remittances that are cheaper and faster
4) Easier social interventions that are more tailored
5) Improvements in the efficiency of monetary policy
6) The effectiveness of payment mechanisms
7) Collection of taxes.
Bitt Inc., as it has been for the Eastern Caribbean Central Bank (ECCB) since April 2021, will be critical to the development and successful introduction of the central bank digital currency (CBDC).
CBN e-Naira: Why Is Nigeria's Central Bank Embracing Digital Currency?
CBN spokeswoman Osita Nwanisobi said the bank's decision was in line with worldwide trends.
According to reports, more than 85% of central banks throughout the world are considering adopting digital currencies for their countries. According to him, the rise of the digital economy and the explosion of digital payments are the reasons why the world is moving toward digital currencies.
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