The Central Bank of Nigeria (CBN) has invited a US-based technology company to help revamp eNaira.Akokacon
- Central Bank is in discussions with tech firms about eNaira. Partner would help Nigeria meet goal of controlling technology.
The Central Bank of Nigeria wants to develop its own software for the digital currency so that it can keep full control of the effort, according to two people familiar with the matter who asked not to be named because the matter is confidential. It has discussed the plans — which are in the early stages — with New York-based technology firm R3, one of the people said.
Bitt Inc., which has offices in Draper, Utah, helped the West African nation issue its central bank digital currency, or CBDC, in October 2021, making it the first country to deploy the novel form of money on the continent. A new partner won’t take over Bitt’s job immediately but would help the central bank meet its long-term aspiration to control the underlying technology, the sources said.
According to Bloomberg, central bank spokesperson didn’t respond to a phone call or text messages seeking comment. A spokesperson for R3 declined to comment. Bitt in a written statement said it is “is aware that our partner, the CBN, works with various service providers to explore technical innovations for their digital infrastructure.” The company added that it continues to work closely with the Nigerian central bank and is “currently developing additional features and enhancements.”