The Central Bank of Nigeria will work with Bitt Inc, a Barbados-based fintech company, as a technical partner to help it launch Nigeria’s digital currency, the eNaira.
It is a form of digital currency that allows exchange between people online.
Central Bank Governor Godwin Emefiele said the eNaira will operate as a wallet against which customers can hold existing funds in their bank account.
Emefiele said the currency will accelerate financial inclusion and enable cheaper and faster remittance inflows.
He said the digital money, also known as cryptocurrency, would lead to easier targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection.
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