Africa Business Radio

The Central Bank of Nigeria announced the formal engagement of global fintech company, Bitt Inc., as a technical partner for its proposed digital currency, also known as e-Naira. CBN Governor, Mr Godwin Emefiele, says the Central Bank Digital Currency would bring about increased cross-border trade, accelerate financial inclusion, and lead to cheaper and faster remittance inflow. He says digital money, also known as cryptocurrency, would lead to easier targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection.