CBN Postpones Launching Of eNaira On Independence Day Over Alleged Lawsuits

The Central Bank of Nigeria (CBN), Thursday, has put on hold the launching of the much-anticipated Nigeria’s virtual currency, known as eNaira Digital Currency.

Brand News Day Nigeria reports that this development was made known in Abuja by Mr Osita Nwanisobi, the CBN’s Director of Corporate Communications. He said that the apex bank made the decision to postpone the launch based on several activities in the queue to commemorate Nigeria’s 61st Independence Day celebration.

Recall that a privately owned company has sued the apex bank for Infringement of Trademark and Violation for using the name, “eNaira”. This was revealed in a document, titled: “Infringement of Trademark & Violation of Corporate Name cease and desist Notification to the Central Bank of Nigeria,” the  notice was signed by Olakunle Agbebi Esq for Olakunle Agbebi & Co .

According to the lawsuit, “For this reasons, our client has approached the Federal High Court in Suit No: FHC/AB/CS/113/2021 between ENAIRA PAYMENT SOLUTIONS LIMITED vs CENTRAL BANK OF NIGERIA to seek a restraining order including an order to restrain CBN from proceeding in the launch on 1st October 2021” .

CBN Postpones Launching Of eNaira On Independence Day Over Alleged Lawsuits

However, the Director of Corporate Communications counters the claims saying that the launching of eNaira which had been initially planned to coincide with the Independence Day anniversary was postponed, in consideration of other activities lined up to celebrate the day.

“The CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria,” CBN’s Nwanisobi said.

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Nwanisobi noted in the statement that the CBN and other partners are dedicated to ensuring a smooth process that benefits customers in general, particularly those in rural regions and the unbanked.

On the eNaira’s advantages, Nwanisobi stated that Nigerians will be able to send money to each other’s eNaira wallets as well as pay for goods and services at selected merchants.

”The eNaira will limit the use of currency and ensure the Nigerian economy’s stability.

Key Points

The CBN postponed the launching of the much-awaited eNaira
The apex bank claims that the postponement is in relation to logs of activities on the side of the FG on Nigeria’s Independence Day
Contrarily, it is not clear if the postponement is related to the lawsuit (Infringement of Trademark & Violation of Corporate Name cease and desist Notification) issued to the Central Bank of Nigeria (CBN) concerning the use of the name “eNaira”.
Meanwhile, the notice stated that in the interim, the CBN was being warned to cease and desist from using or purporting to use the name eNaira for its product or in any other way.

The apex bank is yet to respond publicly to the lawsuit.