ARTICLE
15 September 2022

Underlining Some Critical Legal Issues Bordering The ENaira

TT
The Trusted Advisors

Contributor

Trusted Advisors is a full serviced law firm founded to provide cutting edge and tailor-made legal solutions to clients. It's strategic position, as well as an enviable network of alliances, has given undoubtedly benefits to our clients. We stand as a single-window service provider dealing with all kinds of matters across the country under one umbrella.
The eNaira, which is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN), recorded over 700000 downloads, just after 95 days of introduction, according to statistical data.
Nigeria Finance and Banking

The eNaira, which is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN), recorded over 700000 downloads, just after 95 days of introduction, according to statistical data. This digital currency used interchangeably with the physical Naira is guaranteed to ensure seamless, safe, and fast transfers and payments from anywhere in the world. It is a welcomed development; a step in the right direction as it portrays the future of digital money and assets in Nigeria.

However, there are limits to this mode of payment. An area of concern is that of data privacy of users, which the CBN and other regulatory bodies, would have to look into. This article highlights some critical legal issues affecting the viability of the eNaira to its maximum operation.

Click here to read full publication

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More