Just as the Central Bank of Nigeria (CBN) is set to roll out the country’s digital currency, ‘eNaira’, the apex bank has received a cease and desist notice over the use of the name.
The notice had come 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.
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.