Nigeria is partnering with Bitt to launch its own cryptocurrency, dubbed eNaira.

Spotlight:

  • Financial inclusion would be accelerated with the introduction of the eNaira currency.
  • Last week, Honduras welcomed the first bitcoin ATM.
  • “La Bitcoinera” is how the machine is known in the community.

Nigeria’s Central Bank said on Monday that Bitt will be a technical partner in the country’s effort to establish its own cryptocurrency, the “eNaira.”

After Nigeria banned banks and financial organizations from dealing with or supporting cryptocurrency transactions in February, the Central Bank revealed intentions to establish its own digital currency later this year.

The eNaira, according to Central Bank Governor Godwin Emefiele, would function as a wallet for consumers to save existing funds in their bank accounts. Emefiele said in a statement on Monday that the currency will help to increase access to financial services and make remittance inflows cheaper and quicker.

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

In a similar story, the first cryptocurrency ATM opened in Honduras last week, as proponents of the digital currency hoped to boost demand after neighboring El Salvador became the first government to recognize Bitcoin as legal cash. As of 11 a.m. on August 31, the price of bitcoin in India was Rs. 36.83 lakhs.

The device, called “la bitcoinera” by locals, allows customers to purchase Bitcoin and Ethereum using the local lempira currency and was placed by Honduran business TGU Consulting Group in an office tower in Tegucigalpa’s city.