eNaira, Nigeria’s new CBDC, approved by the Federal High Court

The Federal High Court of Nigeria confirms the approval of the eNaira, the Central Bank Digital Currency, or simply, CBDC of the nation.

Hence, Nigeria joins the list of countries that have their own CBDC ready to be tested. The list also includes Laos that partnered with a Japanese startup to create the digital kip. The rising popularity of CBDCs is making headlines all across the globe.

Justice Taiwo Abayomi Taiwo was the judge who approved this CBDC as mentioned in a report presented by Voice of Nigeria. Also, there are plans to make this currency globally acceptable.

This means that citizens from any country will be able to send or receive the eNaira without any hassle.

eNaira sets a milestone for the 61st Independence Day of Nigeria

The 61st Independence Day of Nigeria was celebrated on 1st October. This made the launch of the CBDC, eNaira, more special. With the growth of the country’s economy, the CBDC will prove to be a faster and better payment solution for financial transactions and monetary stability.

With the growth of cryptocurrencies, CBDCs have become quite popular. Much like the government of Laos, another aim behind the launch of this CBDC is to cope up with the loss in the value of the nation’s native currency. It is expected that making the CBDC globally accessible will improve the monetary state of the nation.

Crypto adoption surge in Africa

Countries like South Africa, Nigeria, Kenya are now turning into a hotspot for crypto investors. There are many investors who are looking to enter the market. As a result of this growth, the market surge 1200% July 2020 and June 2021.

This huge jump in a single year makes the time to be ripe for the release of eNaira. Recently, we also saw that the African crypto exchange, Yellow Card, saw a $15 million Series A funding round. The crypto scene in Africa is improving as people now prefer to be their own banks.