The bank is working with the blockchain startup to develop an eNaira digital currency.
The Central Bank of Nigeria (CBN) said Monday that it will partner with Bitt Inc., a blockchain and payments startup, to bring the African nation's digital currency eNaira to market later this year.
Financial inclusion and expedited remittances, the central bank said. In a press release, he also stated that the CBDC could be used to improve monetary policy in the inflation-prone country.
Digital economy, the CBN decision follows an unmistakable global trend with more than 85% of central banks considering adopting digital currencies, "the CBN said in a statement. According to the UsefulTulips data site. Nigeria's Barbados-based partner Bitt is a Medici Ventures backed company with a history of CBDC contracts.
See Caribbean.Nigeria, the largest economy in Africa, is a whole different challenge.
Bitt did not immediately respond to a request for comment.