• The Federal High Court of Nigeria has approved the rollout of the eNaira CBDC

  • The Nigerian Federal High Court has joined a growing list of regulators worldwide in approving the use of a central bank digital currency (CBDC) as legal tender. The digital currency, dubbed eNaira, will be issued by the central bank and supported by a homegrown eNaira wallet.

    According to Voice of Nigeria, Nigeria’s CBDC issuance approval was revealed at a federal court hearing on October 2 led by Justice Taiwo Abayomi Taiwo. According to the official eNaira website, the digital version of the Nigerian naira will be made available to everyone, stating that “anybody can hold it.”

    As previously reported by ULTCOIN365, the Nigerian CBDC was launched to commemorate the country’s 61st Independence Day. While the eNaira will continue to circulate alongside its fiat counterpart, it is marketed as a faster, less expensive, and more secure option for monetary transactions.

    It is worth noting that the move to introduce digital naira coincides with the nation’s fiat currency’s falling value, which is currently at its lowest point since 2003.

    According to a recent report, Kenya, South Africa, Nigeria, and Tanzania have the highest crypto adoption rates among African countries, resulting in a 1200 percent market growth between July 2020 and June 2021.

    According to Chainalysis data, P2P platforms, banking restrictions, and inflationary fears have all contributed to Africa’s growing market. As a result, the region continues to attract investments, the most recent of which resulted in a $15 million Series A funding round for Yellow Card, a crypto exchange.

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