Following defaults in the earlier date slated for the announcement of the launch of a new currency, eNaira by the Central Bank of Nigeria (CBN) on the 1st of October, 2021, the CBN governor, Godwin Emefiele has come out to explain the reasons for the change in the date for the launch stating that the Apex bank did not want the launch of the eNaira to conflict with the October 1 Independence day activities.
The Central Bank’s incumbent governor through a statement signed duly by the Central bank’s Director of Corporate Communications, Mr Osita Nwanisobi made it known that the that a technical Partner, Bitt Inc to the bank has been chosen to partner with the CBN.
The Company in question is the Bitt Inc which has a certain Gabriel Abed as the CEO of the company, was instrumental in both the establishment and the development of the digital currency owned by the Central Bank of Nigeria. (CBDC).
The eNaira official website address is enaira.gov.ng
Bitt Inc, through a statement issued by the Central bank cited that the company was selected to partner with the Central bank due to their high level of Technological competence, efficiency, platform security, inter-operability and implementation experience in the digital industry.
This outstanding qualities sets them aside for consideration among other highly competitive bidders for the partnership with the Central bank.
Furthermore, Bitt Inc. was vital in the successful launch of the eastern carribbean central bank (ECCB) way back in April, 2021, though the combination of the total population of these member countries do not equal a figure highly than 0.4% of Nigerian’s total population count.
Recall that a postponed date for the launch of the currency was October 4th and we are way back that date, so the questions remain.
When will the Launch hold?
How can Bitt Inc successfully implement a digital currency for a country with over a hundred and eighty million people with over 82 million having active bank account?
Meanwhile, due to the delay in the launch of the eNaira, Emefiele has come out to debunk the rumours that Bitt Inc is his’ and has stated that the company in question will be situated in the Country and the Apex bank will hold a majority stake in the company.
The new Currency which will solely be digital will be owned and operated by the Apex Bank, CBN under a partnership deal with the Central bank.
The Central bank insists the digital currency is a must-have currency for Nigerians as they are encouraged to trade with it online. In a statement released by the same source, herein are listed benefits of the digital currency;
To include cross-border trade
Cheaper and faster remittance inflows
Easier targeted social Interventions
Accelerated financial Institutions
Payment system efficiency
The effectiveness of Monetary policy
Effectiveness in collection of taxes
Several questions continue to raise from different quarters of the country as to how the company set to partner the Central bank came into place or existence whereas other Local based digital company in discharging these roles effectively weren’t picked for a partnership deal with the CBN.
Also, the nature of the signed contract with the Central bank was not stipulated in the statement released by the apex bank as concerns of who owns the company have risen.
The eNaira will be a welcome digital transaction platform as its implementors are working on the launch as we believe they are taking all the time in the world to make it a success.
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