The Central Bank of Nigeria (CBN) seeks to revamp and drive the mass adoption of its digital currency, the eNaira and has contacted a New York-based tech company, R3, to help rebuild the CBDC and its underlying technology. A report by Bloomberg states that the apex bank is in talks with new tech partners to develop a unique and enhanced system to manage the digital naira.
CBN seeks complete control of eNaira The report stated that the new software would allow the CBN to have more control of the eNaira. Per the report, the plan to revamp Nigeria’s digital currency has been in the works since 2021, with a financial software company, Bitt, touted to be the one to drive the update initially.
The Bloomberg report also stated that the new partner would wait to replace Bitt and gradually help hand control to CBN. Bitt stated that it was aware that the apex bank works with various partners for its tech innovations, affirming that it still works closely with CBN and currently developing other features and enhancements for the country’s cybercash. eNaira fails to attract large users, suffers sluggish adoption The eNaira got off to a slow start and suffered neglect by Nigerians despite being the first CBDC in Africa.
The usage of CBN’s e-money in Nigeria could not pick up at the expected pace as more Nigerian youths, who were its primary target, shunned it for cryptocurrencies.
Source:
legit.ng
