Nigeria Collaborates With Bitt, Launches ENaira

Central Bank Governor Godwin Emefiele, announces plans to create a Nigerian cryptocurrency. (photo: wikipedia)

JAKARTA - The Central Bank of Nigeria, on Monday, August 30 announced that the country's government will work closely with Bitt Inc as a technical partner in its efforts to launch its own cryptocurrency, "eNaira".

The Central Bank announced plans to launch its own digital currency later this year after Nigeria banned banks and financial institutions from handling or facilitating transactions in cryptocurrencies in February.

Central Bank Governor, Godwin Emefiele said eNaira will operate as a wallet where customers can store funds held in their bank accounts. In a statement on Monday, August 30, Emefiele said the currency would accelerate financial inclusion and allow for cheaper and faster inflows of remittances.

Barbados-based Bitt earlier this year led the development of the Eastern Caribbean Currency Union "DCash", the first digital currency issued by the currency union's central bank.