Nigeria’s Central Bank Taps Bitt to Launch CBDC by Year’s End

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.