Nigeria: CBN Seeks New Tech Partners to Enhance eNaira System Management.


The Central Bank of Nigeria is reportedly discussing plans with a New York-based tech company, R3, to create new software for the eNaira. The new system will provide the CBN with total control over the digital currency initiative. Although Bitt, the financial software company that aided in the creation of the eNaira in October 2021, will not be immediately replaced, the new partner will assist in the complete transition of control to the Nigerian central bank.

The eNaira, one of the first CBD products to launch, has faced sluggish adoption, with only 0.5% of Nigerians reportedly using it. Nigeria has a huge love for digital currency, but the majority of its population turns to using more bitcoin and other stablecoins than owning eNaira due to numerous factors that the CBN seeks to address with a new partner.

Despite the fact that Nigeria is one of the more than 90 nations looking into the usage of CBDCs, some campaigners have opposed them, calling them “surveillance” instruments. Other nations, including Russia and Japan, intend to implement their CBDCs before the summer of 2023.

In order to provide a suitable environment for its adoption, officials are inviting cryptocurrency specialists for training since the use of cryptocurrencies is rapidly expanding across Africa. There are currently no tight limitations on the use of bitcoin on the continent, although only the Central African Republic has accepted it as legal tender. 

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