The Federal High Court of Nigeria joins the growing list of regulators across the world to approve the rollout of a central bank digital currency as a legal tender. Named eNaira, the digital currency will be issued by the central bank and supported by a home grown eNaira wallet.
Nigeria’s CBDC issuance approval was revealed in a federal court hearing led by Justice Taiwo Abayomi Taiwo, according to a reports. The official eNaira website says that the digital version of the Nigerian naira will be made available universally.
The launch of the Nigerian CBDC was dedicated to mark the country’s 61st Independence Day. While eNaira will continue to circulate alongside its fiat counterpart, it is marketed as a faster, cheaper and more secure option for monetary transactions.It is important to note that the move to introduce digital naira also coincides with the falling value of the nation’s fiat currency.
Kenya, South Africa, Nigeria and Tanzania have seen the highest crypto adoption among the African nations, resulting in a 1200% market growth .Supporting data suggests that peer-to-peer platforms, banking restrictions and fear of inflation have contributed to the growing market in Africa.
