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CBN Selects Bitt as CBDC Pilot Partner for Digital Currency

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Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele

 

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.