The Central Bank of Nigeria has been pursuing talks with a blockchain company in New York for revamping the eNaira.
The Central Bank of Nigeria (CBN) has reportedly been in talks with a New York-based technology company called R3, involved in blockchain, to make changes to its central bank digital currency called the eNaira. The central bank wants to improve and revamp the underlying technology of the eNaira for various reasons.
The Central Bank has not made any public announcements regarding its discussions with the company. CBN has desired to have full control over the eNaira and completely transform the software system to manage the digital currency. The technology firm is also likely to help develop software for the CBN, which will be solely used only by the bank.
The Central Bank of Nigeria already has a technology partner called Bitt Inc, which helped the bank launch the eNaira in 2021. While the Central Bank would continue to work with Bitt Inc, its new partners would likely help the bank with its long-term plans. Bitt Inc mentioned in its statement that it “is aware that our partner, the CBN, works with various service providers to explore technical innovations for their digital infrastructure.”
The Central Bank has also been continuously trying to drive up the adoption of eNaira in the country but hasn’t been so successful. It has taken several steps to make Nigeria a crypto hub, taking the lead in Africa. The latest developments are most likely steps taken in a similar direction by the Central Bank of Nigeria.