October 4, 2021

Nigeria Chases China, Will Launch Central Bank Digital Currency (CBDC)!

 The Federal High Court of Nigeria has finally approved the launch of the central bank’s digital currency (CBDC), eNaita.

It is rumored that the digital currency is issued by the central bank with special wallet support and will always be in the cycle with the country's fiat currency, the naira.

The introduction of eNaira also comes with the offer of faster, cheaper features, and supports secure options for monetary transactions.

The launch of eNaira was also initially scheduled for October 1 in conjunction with Nigeria’s 61st Independence Day. However, the plan had to be postponed and so far there is still no latest launch date for eNaira.

A report from Bro Trader via podcast this morning revealed African countries covering Kenya, South Africa, Nigeria, and Tanzania saw the highest cryptocurrency acceptance.

At the same time, this situation has contributed to the growth of the crypto market by 1200% in the period July 2020 to June 2021.

From Chainalysis in turn proves the growth of the crypto market in Africa starts from peer-to-peer (P2P) platforms, banking restrictions, and inflation concerns.

Most recently, crypto exchange platform Yello Card managed to raise $ 15 million in a Series A fundraising round in an effort to attract more crypto investments.

For the record, Nigeria is the latest country to join China, South Korea, and India in efforts to develop the CBDC.