The Central Bank of Nigeria has announced the formal engagement of the global Fintech company, Bitt Inc., as the Technical Partner for its digital currency, named e-Naira, which is due to be unveiled later in the year.
This development was disclosed in Abuja by the Central Bank Governor, Mr. Godwin Emefiele, who listed the benefits of the Central Bank Digital Currency to include increased cross-border trade, accelerated financial inclusion.
Others are cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.