Nigeria approves launch of CBDC e-Naira
The Federal High Court of Nigeria approved the rolling out of the Central Bank Digital Currency by the Central Bank of Nigeria on the 2nd, international broadcast “Voice of Nigeria” reported on Sunday.
Nigeria’s CBDC ‘e-Naira’ was originally scheduled to operate from October 1, however, a company called ENaira Payment Solutions Limited sued the Central Bank of Nigeria for trademark infringement.
However, the court approved the issuance of “e-naira” as it is, observing that the adoption of the digital currency “e-naira” is in the national interest and the plaintiffs may be able to receive sufficient compensation.
On the other hand, the trial for trademark infringement will simultaneously continue.
The Central Bank of Nigeria had decided to digitize the fiat currency Naira as of 2017 after extensive research and consideration.
In Nigeria, many citizens do not have access to bank accounts for multiple reasons including cost issues, lack of branch offices, and lack of identity verification documents.
The bank’s governor, Godwin Emefiere, therefore cited several advantages of issuing the CBDC such as promotion of international trade and financial inclusion.’
Issuing of CBDC would also factor in other merits including increased effectiveness of the monetary policy, streamlining payment systems, improvement of the tax collection system, and more.
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