The Federal Court of Justice of Nigeria approves the introduction of eNaira CBDC

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The Nigerian Federal Court of Justice joins the growing list of regulators around the world approving the adoption of central bank digital currency (CBDC) as legal tender. The digital currency with the name eNaira is issued by the central bank and supported by its own eNaira wallet.

Nigeria’s CBDC emissions permit was announced at a federal court hearing on Oct. 2 under the direction of Judge Taiwo Abayomi Taiwo, according to a report by the Voice of Nigeria. The official eNaira website states that the digital version of Nigerian Naira will be widely available, stating that “anyone can keep it”.

As Cointelegraph previously reported, the launch of the Nigerian CBDC was 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 making money transactions.

It’s important to note that the move to adopt 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 more than 1,200% since 2020: Chainalysis

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

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