Nigeria: a central bank digital currency to be introduced as early as 2021

Nigeria’s MNBC to be introduced soon

According to a communication from the Nigerian government, the central bank has partnered with Bitt Inc. for the development of its MNBC, after conducting a call for applications. The company has experience in this area: based in Barbados , it has already conducted several digital currency projects for Caribbean central banks.

According to the Bank of Nigeria, the MNBC dubbed “e-naira” will be introduced during 2021. The acceleration is voluntary and is aimed at keeping up with the global trend, the statement said:

Given the significant explosion in the use of digital payment methods, as well as the breakthrough of the digital economy, the decision of the Central Bank of Nigeria follows unmistakable global trend: over 85% of Central Banks are now considering the adoption of digital currencies.

More on central bank digital currencies (CBDCs)

Nigeria: the most “crypto-friendly” country?

Nigeria is regularly cited as one of the most crypto-friendly countries in the world. A recent report by Chainalysis indicated that the country’s inhabitants were 6th in the ranking, after Kenya. This is further confirmed by another indicator: Nigeria represents the largest peer-to-peer exchange volume in sub-Saharan Africa.

This had worried the Central Bank of Nigeria, which had taken drastic measures against cryptocurrencies in early 2021. But it had retroceded in March, and clarified its position. However, the government is counting on the sector: it confirmed at the end of 2020 that it wanted to generate 6 billion dollars in revenue by 2030.

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On the same subject – Nigeria: this school accepts cryptocurrencies for the payment of school fees

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About the author : Marine Debelloir

Nigeria: a central bank digital currency to be introduced as early as 2021

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Deputy Editor-in-Chief on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.