The Federal High Court of Nigeria has joined a growing list of regulators around the world. Who has approved the use of a central bank digital currency (CBDC) as legal tender? The digital currency, dubbed eNaira, issued by the central bank. And supported by a locally developed eNaira wallet.
According to a report by Voice of Nigeria. Nigeria’s CBDC issuance approval revealed in a federal court hearing on Oct. 2. Led by Justice Taiwo Abayomi Taiwo. According to the official eNaira website. The digital version of the Nigerian naira made universally available. And “anybody can hold it.”
The Nigerian CBDC was launched to commemorate the country’s 61st Independence Day. As previously reported by Cointelegraph. While the eNaira will continue to circulate alongside its fiat counterpart. It is marketed as a faster, more cost-effective, and more secure method of payment.
It’s worth noting that the decision to introduce digital naira comes at a time when the country’s fiat currency, the naira, is at its lowest level since 2003.
A recent Cointelegraph report shows that Kenya, South Africa, Nigeria. Moreover, Tanzania has seen the highest crypto adoption among the African nations, resulting in a 1200% market growth between July 2020 and June 2021.
Moreover, supporting data from Chainalysis suggests that peer-to-peer platforms, banking restrictions. And the fear of inflation have contributed to the growing market in Africa. As a result, the region continues to attract investments. Moreover, the latest leading to a $15 million Series A funding for Yellow Card crypto exchange.