Banking
November 12, 2021
Islamic Finance and The Adoption of Digital Currencies in Nigeria
Cryptocurrencies, especially Bitcoin have become ubiquitous, prompting both global and domestic monetary authorities to devise a means to regulate and accept their usage. In 2017, the price of Bitcoin jumped from $900 in January to about $20,000 by the year-end. 

Digital currencies have proved to be highly volatile and risky, forcing several regulatory bodies, including the Central Bank of Nigeria, to warn against huge investments in the crypto market, especially after the crash of Bitcoin in 2018. Central Banks are adopting digital currencies CBDCS, and recently the CBN launched the e-naira in Nigeria. 

e-Naira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN). It has the same value as the physical Naira and guarantees simple, safe, and fast transfers and payments anytime and anywhere. From an Islamic law perspective, The speculative nature of cryptocurrency which is a part of digital currencies has triggered debate among Islamic scholars seeking clarity on if they are religiously permissible. 

This edition of Islamic Finance Weekly anchored by Bukola Akinyele-Yisau featured Dr. Muhammad Jidda, CEO, Alhumaidy Global Financial Services. He speaks on "Islamic Finance and The Adoption of Digital Currencies in Nigeria". Speaking on the adoption of E-naira digital currency and non-interest finance in Nigeria, he believes it's a good development from the Central Bank of Nigeria in driving the economy through digital currency. 

E-naira is regulated by CBN and the main focus of digital currency in Shariah is regulation. He believed E-naira is regulated and can be used by the non-interest finance market. He was of the view that non-interest banks should tap into the E-naira digital currency in order to boost financial inclusion, improve trade and enable seamless transactions in the financial market.


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