Nigeria will work with Bitt as a technical partner in its bid to launch its own cryptocurrency, the "eNaira", the Central Bank said on Monday.

The central bank announced plans to launch its digital currency later this year after Nigeria barred banks and financial institutions from conducting or facilitating transactions in cryptocurrencies in February.

Central Bank Governor Godwin Emifili said that eNaira will serve as a wallet against which customers can hold existing funds in their bank account. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Barbados-based Bitt earlier this year led the development of the Eastern Caribbean Monetary Union's "DCash," the monetary union's first digital cash issued by a central bank.

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