Federal High Court of Nigeria approves eNaira CBDC rollout. The eNaira will continue to circulate alongside the Nigerian currency. Offering a more rapid, low cost, and further secure method of payment.
The Federal High Court of Nigeria has added its name to the increasing list of authorities across the world. Who have approved the use of a central bank digital currency (CBDC) as legal tender. The central bank will issue the digital money, dubbed eNaira. And an eNaira wallet developed in Nigeria will back it.
“Anybody may possess it”
According to a report by Voice of Nigeria, Nigeria’s CBDC issuance permission revealed during a federal court hearing on October 2 headed by Justice Taiwo Abayomi Taiwo. According to the official eNaira website, the digital form of the Nigerian naira would be usable universally. Claiming that “anybody may possess it”.
The 61st Independence Day of Nigeria was commemorated by the inauguration of the Nigerian CBDC. While the eNaira will continue to circulate alongside its fiat equivalent, it is touted as a quicker, less expensive, and more secure method of payment.
It’s worth mentioning that the plan to introduce digital naira comes at a time when the naira, Nigeria’s fiat currency, is at its lowest level since 2003.
According to recent research, Kenya, South Africa, Nigeria, and Tanzania have experienced the largest crypto acceptance among African countries, with a market increase of 1200% between July 2020 and June 2021.
African nations continue to attract capital
According to statistics from Chainalysis, peer-to-peer networks, banking limitations, and inflation worries have all contributed to Africa’s growing industry. As a result, the region continues to draw investment, the most recent of which being a $15 million Series A fundraising round for Yellow Card, a crypto exchange.
The volume of on-chain value received in Africa totalled $105.6 billion from July 2020 to June 2021. It’s up by 1200% in comparison with the same time last year. The popularity of P2P platforms and money transactions were the driving forces. In addition, there is a desire to safeguard one’s funds against inflation.