Federal Supreme Court of Nigeria approves implementation of eNaira CBDC

The Federal Court of Justice of Nigeria joins a growing list of regulators around the world to approve the adoption of central bank digital currency (CBDC) as legal tender. The digital currency known as eNaira is issued by the central bank and secured by a domestic eNaira wallet.

Nigeria’s consent to the issuance of CBDCs was revealed during a hearing in a federal court on October 2 led by Taiwan Judge Abayomi Taiwo, according to a report by Voice of Nigeria. The official eNaira website states that a digital version of Nigerian Naira will be available worldwide, stating “Anyone can keep it”.

As Cointelegraph previously reported, the launch of the Nigerian CBDC is dedicated to the country’s 61st Independence Day. While eNaira will continue to circulate along with its fiat counterpart, it will be marketed as a faster, cheaper, and safer option for currency transactions.

It’s important to note that the move to adopt the digital naira also coincides with the falling value of the country’s fiat currency, which is currently at its lowest level since 2003.

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

A recent Cointelegraph report shows that Kenya, South Africa, Nigeria, and Tanzania have seen the highest levels of crypto adoption among African nations, resulting in a market growth of 1200% from July 2020 to June 2021.

Supporting data from Chainalysis shows that P2P platforms, banking restrictions and inflation concerns have all contributed to the growing market in Africa. As a result, the region continues to attract investment, the last of which resulted in $ 15 million in Series A funding for the Gold Card crypto exchange.