Nigeria's Federal High Court approves eNaira CBDC deployment

Nigeria’s Federal High Court joins a growing list of regulators around the world to approve the deployment of a central bank digital curr...

Nigeria’s Federal High Court joins a growing list of regulators around the world to approve the deployment of a central bank digital currency (CBDC) as legal tender. Named eNaira, the digital currency will be issued by the central bank and supported by a local eNaira wallet.

Nigeria’s approval of CBDC’s issuance was revealed in a federal court hearing on Oct. 2 under Judge Taiwo Abayomi Taiwo, according to a report by Voice of Nigeria. The official eNaira website says the digital version of the Nigerian naira will be available universally, stating that “anyone can hold it”.

As previously reported by Cointelegraph, the Nigerian CBDC launch was dedicated to marking the country’s 61st independence day. While eNaira will continue to circulate alongside its fiduciary counterpart, it is being marketed as a faster, cheaper and safer option for monetary transactions.

Importantly, the decision to introduce the digital naira also coincides with the decline in the value of the country’s fiat currency, currently at its lowest level since 2003.

Related: Africa’s crypto market has grown over 1,200% since 2020: Chainalysis

A recent Cointelegraph report shows that Kenya, South Africa, Nigeria, and Tanzania experienced the highest crypto adoption among African countries, driving market growth of 1200% between July 2020 and June 2021.

Supporting data for Chainalysis suggests that P2P platforms, banking restrictions and the fear of inflation have contributed to the growth of the market in Africa. As a result, the region continues to attract investment, the latest leading to a $ 15 million in Series A funding for Yellow Card crypto exchange.

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Newsrust - US Top News: Nigeria's Federal High Court approves eNaira CBDC deployment
Nigeria's Federal High Court approves eNaira CBDC deployment
Newsrust - US Top News
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