The Federal High Court of Nigeria has approved the Central Bank of Nigeria’s (CBN) plan to rollout a central bank digital currency (CBDC), known as the “enaira.”
This approval comes after the CBN had previously announced its intention to launch the enaira, a digital version of the Nigerian naira, by the end of 2020. The CBN has said that the enaira will be used to make payments and transfers between banks and other financial institutions more efficient.
The Federal High Court’s approval is a significant step forward for the CBN’s plans to launch the enaira, as it provides legal certainty for the project. However, it remains to be seen how the enaira will be received by the Nigerian public, as there is still some skepticism about the use of CBDCs.
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