By Emele Onu
Nigeria’s central bank selected Bitt Inc. as a technical partner to help create its digital currency by the end of the year.
The Barbados-registered financial technology company will help the regulator to launch the new currency, named eNaira, Central Bank Governor Godwin Emefiele said in an emailed statement Monday.
The company was picked for its “technological competence, efficiency, platform security, interoperability, and implementation experience,” Emefiele said in the statement.
The new digital currency, which will complement bills in circulation, is expected to boost cross-border trade and financial inclusion, make transactions more efficient and improve monetary policy, according to the regulator.
Africa’s biggest economy announced plans to introduce the virtual ledger four months after banning cryptocurrency transactions in February, saying they were a threat to the financial system.
