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Nigeria Court Approves CBDC Rollout: Report
The court ruled that the rollout of the CBDC was a matter of national interest and should proceed.
Updated May 11, 2023, 6:37 p.m. Published Oct 4, 2021, 7:14 p.m.
A federal court in Abuja, Nigeria, approved the rollout of the country’s central bank digital currency (CBDC), the eNaira.
- The decision was disclosed Oct. 2 by Justice Taiwo Abayomi, state-run broadcaster Voice of Nigeria reportedhttps://von.gov.ng/2021/10/03/cbn-court-gives-nod-for-rollout-of-e-naira/ Sunday
- The Central Bank of Nigeria had previously received a cease and desist letter concerning the name “eNaira” from ENaira Payment Solutions, which claimed a trademark infringement.
- The court ruled that the rollout of the CBDC was a matter of national interest and should proceed. However, it also set a date for a further hearing on Oct. 11, Voice of Nigeria said.
- The digital currency was originally set to be launched on Oct. 1 but was postponed until Oct. 4 in deference to the former date coinciding with the country’s 61st anniversary of independence.
STORY CONTINUES BELOW
Read more: Nigeria’s CBDC: The Good, Bad and Ugly
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