CBN: Court gives nod for rollout of E-Naira

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