The Central Bank of Nigeria (CBN) recently announced its desire to work in perfect collaboration with the Barbadian company Bitt Inc. The company has experience in this regard: Based in Barbados it has already conducted several digital currency projects for Caribbean Central Banks.
According to a communication from the government of Nigeria, the central bank has partnered with Bitt Inc. The company will be the technical partner of the Central Bank of Nigeria for the release of its own digital currency. “Bitt Inc’s selection of highly competitive bidders was driven by the technological competence, efficiency, platform security, interoperability and reliability of the company,” explained the Nigerian monetary regulator.
Nigeria is regularly cited as one of the countries with the highest adoption of cryptocurrencies. A recent report by Chainalysis thus indicated that the inhabitants of the country were 6th in the ranking, after Kenya.
Nigeria is a more complex economy with a significant influence on the sub-regions of WAEMU and CEMAC that surround it. Also, one aspect that the digital currency will have to overcome is that of inflation. In Nigeria, the rising dollar is driving up prices, but insufficient local supply of goods and services is also a factor that will need to be measured in terms of the country’s monetary strategy.