CBN invites US-based firm to revamp eNaira – Report

To create an efficient digital currency and ensure mass adoption, the Central Bank of Nigeria has contacted a New York tech firm to revamp the underlying technology.

According to Bloomberg report, the CBN is in talks with new ‘technology partners’ to develop a new and enhanced system to manage the eNaira.

It was reported that the apex bank had discussed the plans with the New York-based technology firm, R3.

The report claimed that the new software for the eNaria would be created to allow the CBN have complete control over the initiative.

It was also noted that the effort to create the eNaira began in 2021 with the help of the financial software company, Bitt.

The report stated that the new partner won’t immediately take Bitt’s role but would help phase in total control for the central bank.

Reacting to this, Bitt said it was aware that the CBN works with various partners for its technological innovations.

It affirmed that it still works closely with the CBN and is “currently developing additional features and enhancements.”

Although it is one of the first countries to have launched a Central Bank Digital Currency, Nigeria’s eNaira got off to a sluggish start, with low adoption.

The PUNCH recently reported that since its launch in 2021, the usage of the eNaira, Nigeria’s digital currency, had failed to pick up, according to the International Monetary Fund.

According to the fund, only about eight per cent of eNaira wallets were in use, with an average transaction value of N53,000.

It stated that as of November 2022, total eNaira wallet downloads amounted to 942,000.