Nigeria Court Approves CBDC Rollout: Report

The court ruled that the rollout of the CBDC was a matter of national interest and should proceed.

Oct 4, 2021 at 1:38 p.m. UTC
Updated Oct 4, 2021 at 7:14 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.