Nigeria Court Approves CBDC Rollout: Report

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 reported 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.

Read more: Nigeria’s CBDC: The Good, Bad and Ugly

Source: Coin Desk

Leave a Reply