The world of cryptocurrencies is great in that we learn new information every day that can no longer be ignored. We have recently learned that the Central Bank of Nigeria has begun working with FinTech, a Bitt Inc-based company in Barbados, to introduce the national digital currency e-naira.
In a statement on Monday, the Central Bank of Nigeria (CBN) told us that it had chosen Bitt Inc based on “technological competence, efficiency, platform security, interoperability and implementation experience.” The announcement of the partnership comes on the same day that the CBN issued preliminary instructions for its digital currency of the central bank or CBDC.
In February, the Central Bank of Nigeria banned commercial banks from providing accounting services to crypto exchanges. However, reports suggest that interest in cryptocurrencies and the volume of trade in the country continue to grow despite the intervention, which is quite unprecedented.