Nigeria Clears the Way For eNaira Following Delay of its Central Bank Digital Currency

The ruling permits the Central Bank to go ahead with the launch of the eNaira, giving room for the petitioner to be compensated.

Preliminary Victory

The coast now seems clear for Nigeria to go ahead with its plan to launch the eNaira – Nigeria’s proposed Central Bank Digital Currency (CBDC). The launch of the eNaira, previously scheduled for October 1, could not be held on the given date. 

The CBN deferred the eNaira to avoid being a distraction to Nigeria’s October 1st Independence Day anniversary, even as a Nigerian firm sued the apex bank over the eNaira trademark.

However, a temporary reprieve has come from the Central Bank of Nigeria (CBN). According to Voice of Nigeria (VON), Nigeria’s International Radio Station, a court in the country has approved the eNaira’s launch to go ahead. On October 2, a Federal High Court sat to hear the trademark infringement case brought against CBN. 

The court judged that the eNaira project should go ahead based on the overriding national interest, suggesting that the trademark claimant could be compensated.


Next Chapter Awaits

The court did not completely rule in CBN’s favor. Though CBN got a tentative permit to proceed with its eNaira plans, the court adjourned a further hearing on the matter to October 11. Nigeria’s Central Bank has not said when it hopes to launch the eNaira eventually. 

As the date for the case’s next hearing nears, the Nigerian nation waits for the next word from the bank.

Nigeria is one of several countries pushing to launch a CBDC. The other countries in various stages of rolling off a CBDC include ChinaUnited Arab EmiratesSouth AfricaUkraine, and Brazil.

Nigeria boasts of being the giant of Africa and indeed is one of the continent’s largest economies. A successful take-off of the eNaira could spur other African countries into pursuing a CBDC of their own.

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