What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Central Bank of Nigeria in Talks With Blockchain Platform to Revive eNaira 
    News

    Central Bank of Nigeria in Talks With Blockchain Platform to Revive eNaira 

    Anietie DavidBy Anietie DavidFebruary 22, 2023Updated:February 22, 2023No Comments2 Mins Read
    Central Bank of Nigeria in Talks With Blockchain Platform to Revive eNaira 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Central Bank of Nigeria wants full control of the eNaira, and is in early talks with blockchain platform R3 to develop a new system to support the digital currency.

    The Central Bank of Nigeria (CBN) continues to develop its central bank digital currency (CBDC), the eNaira, but this time it’s calling for backup. According to a Bloomberg report, CBN is in negotiations with new “technical partner” to develop a new and improved system to manage eNaira. According to people familiar with the matter, Nigerian financial authorities have discussed these plans with New York-headquartered R3.

    New software for the eNaria will be created to allow the Central Bank of Nigeria to have complete control over the initiative; however, the unnamed source said the matter is confidential. The effort to create the eNaira began in 2021 with the help of the financial software company, Bitt. According to the report, the new partner won’t immediately take Bitt’s role but will help phase in total control for the Nigerian central bank.

    According to Bitt, it knows that the Central Bank of Nigeria works with different partners to work with different partners for technological innovation. It confirms that it is still working closely with CBN and is “currently developing additional features and improved functionality”.

    Central Bank of Nigeria eNaira’s Plan Failing

    Although it is one of the first countries to have launched a CBDC, Nigeria’s eNaira got off to a sluggish start, with low adoption.  According to some reports, the project is not progressing, with only 0.5% of Nigerians using the CBDC.

    In January, a Nigerian innovator launched the country’s first active Bitcoin Lightning node. Shortly before that, the government announced its plan to create a legal framework for stablecoins and Initial coin offerings. Nigeria is one of more than 90 countries exploring the use of CBDCS. Others include Russia and Japan, both of which have plans to roll out their Currencies before the summer. The city of San Francisco is also looking into the possibility of developing a CBDC system. However, there is active pushback against CBDCS from activists who call them ‘surveillance” tools.

    Blockchain Central Bank of Nigeria eNaira Nigeria
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticlePaxos Cut Ties With Binance Amidst SEC Talks 
    Next Article California Regulator Launches Crypto Scam Tracker
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.