Report: CBN in talks with R3, US-based firm, for tech revamp of eNaira

The Central Bank of Nigeria (CBN) is in talks with potential technology partners to develop a new system to run and manage the eNaira, Bloomberg is reporting.

The newspaper cited two sources familiar with the matter who asked not to be named due to confidentiality issues.

The sources said that the apex bank had discussed the plans  — which are in the early stages —with R3, a New York-based technology firm.

They said the new software for the eNaira would be created to allow the CBN to have full control of the effort.

In 2021, the CBN engaged Bitt Inc, a global fintech company, as its technical partner for the digital currency, eNaira.

When it was rolled out in October 2021, Nigeria became the first country in Africa to launch its own central bank digital currency.

The sources told Bloomberg that the new technology partner, whether R3 or another company, would not be expected to take over Bitt Inc’s job immediately, but would work with CBN to achieve their long-term objective “to control the underlying technology.”

Commenting on the development, Bitt said that it is cognizant of the fact that the CBN collaborates with a variety of partners on its technical advancements.

The company further explained that it is working closely with the apex bank in developing “additional features and enhancements” for the eNaira system.

Recently, the CBN asked Nigerians to embrace eNaira and internet banking as alternatives to cash transactions.