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The Central Bank of Nigeria (CBN) has recorded over one million hits in less than 24 hours after its eNaira platform went live ahead of the official launch of Nigeria’s digital currency in October 1.
With one million hits even before commencement of the Central Bank Digital Currency (CBDC), “there is a remarkable interest in the scheme by millions of Nigerians underscored by an overwhelming interest in digital, cryptocurrency,” said one expert in Lagos.
The eNaira platform is designed to make financial transactions easier for users of digital CBDC. The platform offers allows for peer-to-peer payments enabling users to send money to one another through a linked bank account or card.
In addition, the eNaira platform allows customers to move money from their bank account to their eNaira wallet with ease; monitor their eNaira wallet, check balances, view transaction history; and make in-store payment using their eNaira wallet by scanning QR codes.
On 30 August 2021 the CBN announced the appointment of Bitt Inc as technical partner for the eNaira Project. Bitt Inc is a provider of Blockchain based payments platform based in Barbados (founded in 2013). The CBN has since announced plans to acquire a majority stake in Bitts which is expected to be be locally incorporated under Nigeria laws.
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The CBDC project is not without controversy. The CBN has been accused of contravening provisions of IT Public Procurement guidelines and Executive Orders 003 and 005 in respect of Local Content.
Stakeholders including the Nigeria Computer Society (NCS) has condemned the choice of Barbados’ based Bitt Inc., as Technical Partner for the eNaira project as violating the existing rules.
Unfazed, the CBN has announced plans to own a majority stake in Bitt Inc. as it begins its incorporation in Nigeria.
