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Nigerian court paves way for CBDC rollout, suggests ‘plaintiff may get adequate compensation’ – Fintech Bitcoin News


The Nigerian High Court, which is presiding over the e-Naira trademark infringement case brought against the Central Bank of Nigeria (CBN), has ruled that the Central Bank Digital Currency (CBDC) could proceed “in the national interest”. The ruling removes a significant legal hurdle for the CBN not to introduce digital currency.

Alleged trademark infringement of CBN

As previously reported by Bitcoin.com News, Nigerian firm Enira Payments Solutions filed a trademark infringement lawsuit against the central bank for using the term “e-Naira”. The firm’s lawyers argued that the CBN’s plan to use the term e-Naira created a threat and would represent an intentional breach.

However, in a ruling issued just days after the CBN spokesman announced the postponement of the CBDC launch, High Court Judge Taioyo Abayomi Taioyo justified the decision by suggesting that “the plaintiff could be adequately compensated.” The parties to the case are now expected to return to court on October 11.

Reason for suspension

When CBN announced the suspension of the e-Naira launch, observers quickly speculated that it was linked to the case. However, a report from Nyometrics points to the growing number of websites as the main reason for the delay. According to the report, the traffic police believes CBN needs to “re-evaluate the system to strengthen the digital currency” before the rollout.

The report, however, did not say when the central bank expects the revaluation or launch date of the new e-Naira to expire.

Do you think CBN is able to successfully launch a CBDC? You can share your thoughts in the comments section below.

Image credit: Shutterstock, Pixabay, WikiCommons

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