Nigeria’s Central Bank in Talks With Blockchain Platform R3 for CBDC Revamp: Bloomberg

Share this!

Published: February 21, 2023

The Central Bank of Nigeria (CBN) is looking to develop a new system for its digital currency, the eNaira, and is in early-stage talks with New York-based blockchain firm R3, Bloomberg reported on Tuesday, citing people familiar with the matter.

The CBN wants to “develop its own software for the digital currency so that it can keep full control of the effort,” according to Bloomberg.

Nigeria was the first African nation to issue a digital version of its national currency in October 2021. Nearly a year later, the central bank announced the eNaira had been used for around $10 million worth of transactions.

The central bank worked with Utah-based Bitt Inc. to issue the eNaira in 2021, and the company won’t immediately be replaced by new partners, according to Bloomberg.

Bitt told Bloomberg it was aware that the CBN “works with various service providers to explore technical innovations for their digital infrastructure” and that it’s “currently developing additional features and enhancements” for the eNaira system.

CoinDesk reached out to R3 and the CBN for comment.

About the Foundation

Whilst most CBDC experiments have involved private sector technology providers, the overwhelming majority of these experiments, to date, have not involved participation from other private sector actors. The Digital Pound Foundation is unique in proposing a model whereby the public and private sectors can fully engage in the design, development and adoption of a digital Pound, thus contributing to its successful roll-out and helping drive forward the UK’s transition to a digital economy.

Join our community

Collaborate with other members through our various working groups, discussing and building concepts around use cases and payments, innovative approaches to privacy, identity, and sustainability, and addressing legal and regulatory concerns collaboratively. Join our events, both in-person and online, and participate across our panel discussions, roundtables, and webinars. Meanwhile, our audience is large and growing quickly, providing members with additional outlets to share and amplify their latest news and developments.