CBN engages British fintech to develop digital currency
The Central Bank of Nigeria, on Monday, announced the formal engagement of a global fintech company, Bitt Inc., as the technical partner for its digital currency. The CBN said the digital currency, called ‘eNaira’, would be unveiled before the end of this year. According to a statement by the acting Director, Corporate Communication, Osita Nwanisobi, this was disclosed by the CBN Governor, Godwin Emefiele, who said the benefits of the central bank digital currency include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions. He said the virtual currency would also ensure improvements in monetary policy...
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