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

The central bank wants full control of the eNaira, and is in early talks with blockchain platform R3 to develop a new system to support the digital currency, according to the report.

AccessTimeIconFeb 21, 2023 at 1:01 p.m. UTC
Updated Feb 21, 2023 at 4:55 p.m. UTC

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 issued 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.


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Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.