Nigeria to launch its own ‘eNaira’ cryptocurrency in partnership with Bitt

Nigeria will work with Bitt as a technical partner in its bid to launch its own cryptocurrency, the “eNaira,” the central bank said on Monday.

The central bank announced plans to launch its own digital currency later this year after Nigeria banned banks and financial institutions from trading or facilitating transactions in cryptocurrencies in February.

Central Bank Governor Godwin Emefiele said eNaira would act as a wallet with which customers can keep the funds in their bank accounts. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and allow for cheaper and faster remittance flows.

Barbados-based Bitt earlier this year led the development of the Eastern Caribbean Currency Union’s “DCash,” the first digital money issued by a central currency union bank.

In related news, the first cryptocurrency ATM opened in Honduras last week as Bitcoin sponsors sought to stimulate demand for virtual assets after neighboring El Salvador became the first country to establish Bitcoin as its legal currency. Bitcoin price in India was at Rs. 36.83 lakhs from 11am on August 31st.

The machine, locally called “la bitcoinera”, allows users to purchase Bitcoin and Ethereum using the local lempira currency and was installed in an office tower in the capital Tegucigalpa by Honduran company TGU Consulting Group. The price of Ethereum in India was Rs. 2.53 lakhs from 11am IST on August 31st.

© Thomson Reuters 2021

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Cryptocurrency prices on Indian exchanges

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