The Nigerian Federal Court joins the growing list of regulators worldwide to approve the introduction of the Central Bank Digital Currency (CBDC) as legal tender.
According to CoinTelegraph, the central bank will issue a digital currency called e-Naira (eNaira) and the e-naira wallet will support it locally.
The approval to issue digital currency for Nigeria's central bank was revealed at an October 2 Federal Court hearing led by Judge Taiwo Abayomi Taiwo, according to a report by Voice Nigeria.
The official Naira website says that a digital version of the Nigerian Naira will be available globally, noting that anyone can keep it.
The launch of the Central Bank of Nigeria's digital currency is dedicated to the celebration of the country's 61st Independence Day.
While the electronic naira will continue to trade alongside its cash counterpart, it is being marketed as a faster, cheaper and safer option for cash transactions.
It is important to note that the move to introduce the digital naira also coincides with the devaluation of the country's fiat currency, which is currently at its lowest level since 2003.
The latest Coin Telegraph report showed that Kenya, South Africa, Nigeria and Tanzania experienced the highest adoption of cryptocurrencies among African countries, resulting in a market growth of 1,200% between July 2020 and June 2021.
