The Nigerian federal government and its Central Bank reportedly touched down in America, scouting for developers to develop an internal control software innovation on the national CBDC and its flagship cryptocurrency. The CBN mission in the States depicts its keenness to explore the crypto market and ascertain lucrative earnings via the eNaira cryptocurrency
The scout mission in the States navigated the Nigerian apex bank to New York City where the CBN had a confidential meeting with R3 management to discuss the crypto-inclined partnership. The verdict of the meeting appeased the CBN’s priorities to innovate the national CBDC and eNaira with software that moderates and regulates blockchain transactions.
The Nigerian apex bank introduced the CBDC as the digital fiat reserve with internal control over the eNaira in which both the CBN and the CBDC failed to steer its flagship cryptocurrency progressively. The FG/CBN partnership with R3 is themed to develop crypto software engineered to harness the imperial regulatory system for the CBDC and eNaira.
The FG/CBN consent to explore the crypto market is influenced by the lack of internal control the government has on the eNaira — R3’s software will revamp the apex bank Imperial regulations. However, R3 indulgence to innovate the eNaira is yet to be considered an official deal since the FG/CBN contract with Bitt remains active
Recall that Bitt built eNaira with its financial software and debuted the CBN flagship cryptocurrency in 2021. The eNaira bearish attributes net value in the crypto market is not faulted on Bitt’s incompetence because the financial software provider has relentlessly worked with the Nigerian government to innovate its flagship cryptocurrency response in the crypto market
The FG/CBN partnership with the eNaira creator does not restrain the government to partner with other technology companies with potential innovation. The Nigerian apex bank partnership deal with R3 does not terminate existing commitment with Bitt but rather integrates their technology resources to accelerate the eNaira innovation
Techbooky Africa reckons the CBN’s undisclosed consent to merge R3 technology and Bitt’s financial software to determine the most efficient to leverage the CBDC and the government-endorsed cryptocurrency inclusion amongst the Nigerian population. At some point, the Nigerian apex bank verdict will decide which eNaira developer will rival the other to innovate the local crypto market.
The FG/CBN’s keenness to explore and deploy advanced innovation in the local crypto ecosystem seems impossible due to its biased government policy. Recall that the Nigerian apex bank banned Nigerians and other commercial banks from being crypto partisans
The restraint the CBN placed on the Nigerians and other banks have reportedly influenced the government-endorsed cryptocurrency regressive net value. The more Nigerians indulge in dealing with eNaira will influence the local cryptocurrency progress on the crypto market chart.
Since the eNaira debuted two years ago, it has recorded more than 700 transactions valued at N8 billion. The Nigerian cryptocurrency net value will only increase when Nigerians accept the cryptocurrency for trading which the CBN policy yet to retract yet debuting the eNaira.