eNaira: CBN gets court mandate for implementation after litigation

eNaira: CBN gets court mandate for implementation after litigation

The Central Bank of Nigeria (CBN) has received the go-ahead to proceed with the implementation of eNaira, the country’s first ever digital currency.


The CBN had earlier postponed its plan to launch the eNaira.


1st News can report that the suspension came as a result of a court injunction over the implementation of the digital currency. However, a Federal High Court has now given the all-clear for the launch of the digital currency.


Equally important, the CBN had received a cease and desist notice over the use of the name “eNaira”. The notice came barely a couple of days before the launch of the digital currency; throwing a spanner in the works. The notice titled “Infringement of Trademark and Violation of Corporate Name Cease and Desist Notification to the Central Bank of Nigeria” was signed by Olakule Agbebi Esq for Olakule Agbebi & Co.


Specifically, the plaintiffs held that the name – “Enaira payment Solution Limited” had been incorporated since April 7, 2004.


ALSO READ: e-Naira website goes live ahead Oct 1 launch




Nevertheless, a Federal High Court sitting in Abuja, the Federal Capital Territory (FCT)  had quashed the notice; ruling that the CBN can proceed with the implementation of the eNaira. The court, presided over by Justice Taiwo Abayomi Taiwo; gave the ruling in the light of the importance of the Central Bank Digital Currency [CBDC]. The ruling came as the defendants’ counsel urged the court to dismiss the plaintiff’s motion to halt the launch.


Although the court was reluctant in dismissing the motion; it held that the unveiling of eNaira may proceed on national interest and that the plaintiff will be adequately compensated.


Hearing in the case has been adjourned to October 11, 2021.


Meanwhile, the website of the eNaira which went live last week as reportedly been getting massive hits; with a report by AmbCrypto noting that the site recorded nearly 48,000 hits on the day it went live. The number of visitors to the website hit 1.7 million at the end of the day. The average hits over the past few days have remained close to 2.8 million.


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