Nigeria chooses CBDC specialist Bitt to launch eNaria in October 2021

Rick Steves

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.

The Central Bank of Nigeria has picked Bitt as the technical partner for its eNaria digital currency project. The pilot is scheduled to start in October 2021.

This won’t be Bitt’s first rodeo as the CBDC specialist is behind the first central bank digital currency going live, Eastern Caribbean’s DCash.

DCash was developed in partnership with Bitt Inc for over two years. In 2019, the Eastern Caribbean Central Bank (ECCB) and the Barbados-based fintech company signed a contract to conduct a blockchain-issued central bank digital currency (CBDC) pilot within the Eastern Caribbean Currency Union (ECCU).

In April, the jurisdiction went live with the pilot in the ECCU’s many islands: Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

The product launch came five years after Bitt announcing a $16 million investment from Overstock to support digital currency innovation in Barbados.

In late February 2016, Bitt launched a mobile wallet that used the Bitcoin Blockchain to keep track of a digitized version of the Barbadian dollar with the full backing of the Central Bank of Barbados.

Last week, Singapore’s regulator MAS has announced the 15 finalists of its retail CBDC challenge. Bitt is among a list of top financial and technology firms, including ANZ, Citibank, cLabs, Consensys, Extolabs, Giesecke+Devrient advance52, HSBC, IBM, IDEMIA, Criteo, IOG Singapore, Soramitsu, Standard Chartered Bank, and Xfers.

Nigeria plans to launch digital currency eNaria for cheaper and faster cross-border trade, financial inclusion, and tax collection

Nigeria’s CBDC plan is part of its Project Giant Banner launched in 2017. The central bank’s digital currency, eNaria, is intended to 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.

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.

The central bank’s CBDC project spells out 5 stages for the rollout of the digital currency with the first stage being all about creation, issuing, and the destruction of the currency.

The second stage concerns licensed financial firms and their handling of the digital currency in terms of their monitoring activity such as their anti-money laundering processes.

The third stage would begin as the digital currency begins to circulate among the users and the merchants and the businesses would then be needed to provide low-cost payments software.

The final stage would be more concerned about the rollout procedures, feedback, security measures, privacy, etc. and if and when the digital currency reaches this stage, it would mean that the rollout has been complete and successful as well.

Nigeria has recently banned all crypto-related transactions within the country.

Read this next

Digital Assets

CME Group to launch reference rates and indices on Avalanche (AVAX), Filecoin (FIL), and Tezos (XTZ)

Several leading crypto exchanges and trading platforms will provide pricing data for these new benchmarks, starting initially with Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

Technology

OneConnect launches operation in ADGM further expanding in Middle East

OneConnect has launched its regional operations in Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE, after having worked together on the creation of the ADGM Digital Lab which was launched in April 2021. The ADGM Digital Lab is a marketplace and industry sandbox to encourage the development […]

Industry News

Bitso powers crypto into Via’s payroll platform as remote work triples by 2027

“We are also allowing companies to hire international talent without worrying about administrative issues.”

Retail FX

Vantage partners with FinaCom for external dispute resolution and up to €20,000 protection per client

Vantage has joined the Financial Commission (FinaCom) as a member, thus gaining access to the external dispute resolution body’s range of services and membership benefits, including the unbiased resolution process facilitated by FinaCom, and the protection of up to €20,000 per client, covered by the FinaCom’s compensation fund.

Digital Assets

LMAX Digital onboards Bryan Christian and Cassandra Cox to lead sales

Institutional cryptocurrency exchange LMAX Digital continues to undergo a series of changes in its top ranks as it continues to build its presence globally. Two industry veterans, Bryan Christian and Cassandra Cox, have joined the group as its newest sales directors in Europe and USA.

Digital Assets

Cake DeFi introduces Ethereum Staking with 5% returns

Cake DeFi, a Singapore-based DeFi platform, is launching its Ethereum (ETH) staking service for retail and institutional customers.

Retail FX

FX trading rebounds 405pct at Saxo Bank in September

In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have rebounded strongly in September to the highest level in three months.

Retail FX

CMC Markets’ stock climbs as H1 revenue to climb +20%

CMC Markets PLC (LSE:CMCX) shares spiked 5.6 percent to 235p in Thursday’s trading after the firm’s trading update for the first half of its fiscal year 2023 revealed results at the high end of company projections.

Retail FX

Interactive Brokers doubles client accounts to 2 million in 24 months

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes took a slight step back in September, an indication that investor confidence is still fairly mixed over the past few months.

<