The Central Bank of Nigeria has picked CBDC specialist Bitt as the technical partner for its eNaria digital currency project.
Nigeria has been working on a CBDC plan under the Project Giant banner since 2017 and recently said that it will begin a pilot at the beginning of October.
In a statement, the central bank, says an eNaria will lead to better cross-border trade, financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.
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Bitt won the bidding to become technical partner in part thanks to its work on the development and launch of the Eastern Caribbean Central Bank CBDC’s pilot earlier this year.
