Nigeria partners Barbados-based Bitt on the ‘eNaira’ project

The Nigerian integer currency volition officially motorboat connected 1 October 2021

Nigeria's integer currency task is acceptable to payment from collaboration with Bitt, the country's Central Bank announced connected Monday.

According to the press release, the Barbados-based Bitt volition supply method assistance arsenic the Central Bank of Nigeria (CBN) moves to finalise the motorboat of the country's integer currency dubbed "eNaira." 

The CBN said successful the connection that the determination to prime Bitt came from the fintech firm's assorted strengths, including its "technological competence, efficiency, [and] level security".

The slope besides looked astatine the Barbados-based company's erstwhile acquisition successful a related project, which it helped motorboat successful April this year.

The determination to spouse Bitt comes aft an earlier announcement that the eNaira would motorboat connected 1 October this year. It besides comes connected the backmost of the banking regulator informing banks and different fiscal institutions against Bitcoin and different cryptocurrencies.

Commenting connected the announcement, Central Bank Governor Godwin Emefiele highlighted the eNaira's capableness to amended fiscal inclusion, cheaper remittances and taxation collection.

The eNaira is acceptable to motorboat successful stages and the task volition spot the integer currency go ineligible tender. During the archetypal stage, the Central Bank volition issue, administer and facilitate the redemption of the integer currency.

The adjacent signifier volition spot registered fiscal institutions get the integer currency from the slope arsenic good arsenic overseeing the issuance of stablecoins.

In the adjacent step, the authorities seeks to initiate transaction processing, which volition proceed with further integration crossed fiscal players, merchants and idiosyncratic users. In the 5th stage, the eNaira volition diagnostic arsenic portion of the Retail Consumer Suite, allowing for a smoother acquisition for customers.