• Nigeria is in discussions with potential technology partners to create a digital currency system, the eNaira.
• The Central Bank of Nigeria has spoken to New York-based technology company R3 and Bitt Inc., which helped the nation launch its central bank digital currency (CBDC) in October 2021.
• Central banks around the world are exploring similar initiatives in order to stay up with private-sector advancements in digital payments.
Nigeria Seeks Partners for Technological Upgrade of eNaira
Nigeria is currently engaged in discussions with potential partners about creating a brand new system to control and manage the digital currency used by its central bank, the eNaira. According to two people familiar with the situation who declined to be identified, the Central Bank of Nigeria wants to create its own software for this digital currency so that it can maintain complete control over it.
R3 and Bitt Inc. Involved
The Central Bank has discussed its early-stage intentions with New York-based technology company R3, one of these sources claimed. In October 2021, Bitt Inc., which has offices in Draper, Utah, assisted the West African country in launching its central bank digital currency (CBDC), making it the first nation on the continent to do so. Although a new partner won’t immediately replace Bitt: they will help CBN achieve their long-term goal of controlling underlying technology associated with eNaira.
Central Banks Explore Digital Payment Initiatives
Bitt stated that they are working closely with CBN on developing more features and advancements for their digital infrastructure; however many other central banks around the world are also developing similar initiatives due to the need for staying up with private sector developments regarding digital payments. This includes cryptocurrencies and stablecoins as well as work on a ‘digital pound’ colloquially known as ‘bitcoin’ being intensified by Bank of England and UK Treasury officials alike.
Collaboration With Service Providers
CBN is collaborating with numerous service providers when looking into technological advances for their infrastructure; this consists of companies like R3 as well as help from specialists like Bitt Inc when launching their CBDC last year. All these efforts have been geared towards helping Nigeria become cashless while still maintaining full control over any progress made regarding their digital currencies such as eNaira .
In conclusion, Nigeria is continuing talks about creating a brand new system for controlling its own version of cryptocurrency called eNaira while collaborating with various service providers including R3 and Bitt Inc.. Such advances have been seen across multiple nations worldwide due to increased demand for cashless payments systems but some nations remain ahead due to early adoption such as Nigeria’s CBDC launch from October 2021 .