Nigeria will work with Bitt Inc as a technical partner in its bid to launch its own cryptocurrency, the “eNaira”, Central Bank of Nigeria said on Monday.

CBN announced plans to launch its own digital currency later this year after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.

CBN Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Barbados-based Bitt earlier this year led development of the Eastern Caribbean Currency Union’s “DCash”, the first digital cash issued by a currency union central bank.

Reuters