The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention that the award of the project to Caribbean company, Bitt Inc might have violated the provision of the law.
The CBN about two weeks ago on the 30th of August, 2021 announced Bitt Inc as the technical partner of the Bank on the CBDC project. Bitt, based in Barbados, was founded in 2013. The company offers a blockchain based payments platform that operates from the region.
However, the awarded contract has raised questions from IT experts stating that the CBN had violated the existing guidelines as regards IT procurement for all Ministries, Departments and Agencies (MDAs). These experts have quoted the executive order 003 of 2017 as well as the 005 of the same year. Executive orders 003 and 005 of 2017 makes it mandatory for all Ministries, Departments and Agencies to first consider local IT companies when awarding any IT related contracts.
The Executive Order 005 specifically covers “Planning & Execution of Projects, Promotion of Nigerian Content in Contracts and Science, Engineering and Technology Declaration Scheme.” While the executive order 003 makes it mandatory for all MDAs to “Support for Local Content in Public Procurement by the Federal Government”.
As reported by media outlet, IT Edge News, a certain unidentified expert and member of the Nigeria Computer Society (NCS) spoke in Lagos about the issue. He noted that there were arguably better companies that could handle the e-naira Project here in Nigeria;
“It is not debatable. Nigeria has Fintech companies with better market capitalisation, higher global recognition, stronger experience and more capable hands than Bitt. The question is why go foreign and why Caribbean, particularly? It just doesn’t add up.”
The National Information Technology Development Agency (NITDA) is the agency charged with enforcement of IT procurement guidelines. The agency is said to be looking into the issue as it appears the CBN did not go through the agency before the contract was awarded.
What do you think? Share your comments below
Giveaway Scam Resolve; Bitcoin.org is back online: Will the perp be found?
VanEck to Give Clients Access to Crypto by Offering a Solana ETF
Solana based DEX, Orca Closes $18M Series A Round
We don’t expect all businesses to adopt e-Naira –CBN
We chose Bitt Inc for the e-Naira because of Capacity & Experience – CBN
KB24 Launches NFTs Collection in Memory of Kobe Bryant, Proceeds to be Given to Charity
President of Turkey Says the Country is at War with Cryptocurrencies
Monetary Policy has been replaced with tyranny; e-Naira will be a flop – Chiagozie Iwu
El Salvador Adds Fresh 150 Bitcoins as BTC Price Slides
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
E-naira Project Award to BITT Raises Regulatory Questions
The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention...
Ecosystem Growth Fund: The newest ways to market and promote blockchain platforms
Fantom, Harmony, Algorand & OKEx has in less than a month announced a billion dollars fund to boost development on...
TOKEN2049 Returns for In-Person Event this October in London
Highly anticipated conference at the forefront of the digital assets space marks the return of one of the first major...
OKEx Launches Super Affiliate Program
Are you a KOL or content creator in the crypto space? Do you want to boost your earning by introducing...
Influencers Are the Drive behind NFTs Popularization – Karla Obarkpolor
The founder of NFT marketplace Qlipit and Crypto Asset Management Company, Crypto Smart has stated that influencers have played big...