Proposed E-Naira Regulations

The CBN’s announcement of the Barbados-based business as a collaborator comes amid news that the central bank had issued draft e-naira rules. The CBN’s head of communications, Osita Nwanisobi, supported Bitt’s decision by citing the fintech’s tested and proven cryptocurrency experience.

Nwanisobi’s allegations seem to be backed up by an announcement on Bitt’s website claiming that the financial technology business had secured a contract with the Eastern Caribbean Central Bank to undertake a CBDC pilot (ECCB). The deal was signed in 2019, and ECCB debuted its cryptocurrency in April of 2021.

The Central Bank of Nigeria – Aswaq Financial

The E-Naira and Financial Inclusion

The CBN has scheduled October 1, 2021, as the debut date for the CBDC, as reported earlier by News. The central bank claims that this cryptocurrency would increase financial inclusion and make money transfers cheaper and quicker. In addition, the central bank hopes the e-naira to improve foreign commerce and the efficacy of its monetary policies, according to the institution.

If achieved, the CBN’s debut of the e-naira will signal the end of a process that began about four years ago. The CBN and its anti-bitcoin governor, Godwin Emefiele, will regard the debut as a major triumph.

Nonetheless, with only a few weeks until the debut, CBN may ensure that it has done enough preparation to assure the launch of the e-naira.


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