Nigeria eNaira CBDC Facing Challenges, CBN Contracts US Firm To Improve The Digital Currency. 

<strong>Nigeria eNaira CBDC Facing Challenges, CBN Contracts US Firm To Improve The Digital Currency. </strong>
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    Following continuous actions  to create an efficient digital currency, the Central Bank of Nigeria is turning to a New York tech firm to revamp the underlying technology.

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    According to a Bloomberg report, the CBN is in talks with new ‘technology partners’ to develop a new and enhanced system to manage the eNaira.

    It was reported that the apex bank had discussed the plans with the New York-based technology firm, R3.

    The report claimed that the new software for the eNaria would be created to allow the CBN to have complete control over the initiative.

    It was also noted that the effort to create the eNaira began in 2021 with the help of the financial software company, Bitt.

    The report stated that the new partner won’t immediately take Bitt’s role but would help phase in total control for the central bank.

    Also Read: Nigeria’s CBDC, The eNaira Not Fully Accepted, One Year After Launch.

    Reacting to this, Bitt said it was aware that the CBN works with various partners for its technological innovations.

    It affirmed that it still works closely with the CBN and is “currently developing additional features and enhancements.”

    Although it is one of the first countries to have launched a Central Bank Digital Currency, Nigeria’s eNaira got off to a sluggish start, with low adoption.

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