CBN: Court gives nod for rollout of E-Naira

0 2,010

Amid heated litigation over its trademark infringement on the name “eNiara,” a Federal High Court in Abuja has given the nod for the Central Bank of Nigeria’s rollout of its digital currency.


This was disclosed in the hearing yesterday at the Federal High Court 8 presided over by Justice Taiwo Abayomi Taiwo.


Earlier on, a cease and desist notification had been sent to the CBN concerning the use of the name “eNaira” as ENaira Payment Solutions Limited brought the case (FHC/ABJ/CS/113/2021) against the CBN over a claim of trademark infringement.


According to the notification from the solicitor of the company, the launch of the eNaira is a threat and shows willful infringement of his client’s trademark.


However, given the importance of the Central Bank’s digital currency (CBDC), also known as eNaira, the defendants’ counsel, led by D. D. Dodo (SAN), urged the court to dismiss the plaintiff’s motion to halt the launch of the CBDC.


The court was not inclined to dismiss the motion, but it did rule that the unveiling of the digital currency may proceed on national interest, particularly because the plaintiff may be adequately compensated.


The case was, however, adjourned for further hearing on Monday, the 11th of October 2021.


It would be recalled that on September 30, 2021, the CBN’s Director of Communication, Mr Osita Nwanisobi, announced a postponement of the launch of Nigeria’s digital currency, the eNaira, previously scheduled to hold on October 1, 2021.



Amaka E. Nliam/Nairametrics

Canada is home to a number of the finest online casinos. Their games are designed to be fun, fast and fair for everyone. You can play in no deposit bonus casinos on any device – desktop or mobile – so you’re always just a click away from the action. Plus, they offer weekly promotions that give you extra chances to win big prizes without spending a cent of your own money.
Leave A Reply

Your email address will not be published.