Much Ado About Nigeria's Digital Currency | The Guardian Nigeria News - Nigeria and World News

It has been 12 months since the Central Bank of Nigeria announced a total ban on cryptocurrencies and related activities and 7 months since it announced an official digital currency.

President Muhammadu Buhari, on the day of the official launch, said, “Nigeria become the first country in Africa, and one of the first in the world, to introduce a Digital Currency to her citizens, with the launch of the Central Bank of Nigeria Digital Currency, the eNaira.” The apex bank responded, saying its decision to select the company was hinged on their “technological competence, efficiency, platform security, interoperability, and implementation experience.”The software company in question, Bitt, is a Barbados-based provider of digital currency and Central Bank Digital Currency solutions. They had earlier partnered with the National Bank of Belize to launch a CBDC.

Speaking at an event in 2018, the Director-General of the National Information Technology Development Agency , Dr Isa Ali Pantami, reiterated the agency’s stance on these matters. Stakeholders insist that the technical capacity for this exists, and there is no proof to the contrary.“In the last few years, technical competence in Nigeria has skyrocketed and has now been exported across the world. There are lots of companies I know in Nigeria that can do what these people [Bitts Inc.] have done. The government says they are supporting the tech ecosystem, but gestures like this speak a different reality.

Which begs the question of why anyone would leave already existing payment systems they trust and switch to the eNaira? Now, to be fair, this problem is not native.As of Q4 2021, 81 countries were proactively mulling over CBDCs, and this number is a huge jump from Q2 2020 when only 35 countries were interested in doing this.

Has the ban on bank be lifted

Digital terorist not currency

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