The Federal High Court of Nigeria has joined the growing list of regulators across the globe to approve the rollout of the central bank digital currency, named eNaira.
According to the CBN, the digital currency will be issued by the central bank and supported by a homegrown eNaira wallet.
Nigeria’s CBDC issuance approval was revealed in a Federal High Court hearing held on Oct. 2 led by Justice Taiwo Abayomi Taiwo, according to a report by Voice of Nigeria.
The official eNaira website says that the digital version of the Nigerian naira will be made available universally, stating “anybody can hold it.”
According to the apex bank, while eNaira will continue to circulate alongside its fiat counterpart, it is marketed as a faster, cheaper and more secure option for monetary transactions.
It is important to note that the move to introduce digital naira also coincides with the falling value of the nation’s fiat currency, currently standing at its lowest point since 2003.
A recent Cointelegraph report shows that Kenya, South Africa, Nigeria and Tanzania have seen the highest crypto adoption among the African nations, resulting in a 1200 per cent market growth between July 2020 and June 2021.