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eNaira Is ‘Crippled’: Nigeria in Talks With NY-Based Company for Revamp

The Central Bank of Nigeria (CBN) continues with its attempts to create its central bank digital currency (CBDC), the eNaira, but this time it’s calling in for backup.

In a Bloomberg report on Feb. 21, the CBN is in talks with new “technology partners” for the development of a new and improved system to manage the eNaira.

The Nigerian financial authority has discussed these plans with the New York-based technology firm R3, according to sources close to the matter.

New software for the eNaria will be created with the intention for the CBN to keep full control over the initiative, however, the unnamed source said the matter is confidential.

(By SAVANNAH FORTIS)

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