Banking & Finance

JUST IN: CBN Reels Out e-Naira App, Merchant Wallet

The Central Bank of Nigeria has introduced the much-anticipated digital currency’s app, e-Naira app and merchant wallet as promised by the CBN.

Brand News Day Nigeria reports that the apex bank has finally fulfiled part of its promises over Nigeria’s first-ever digital currency, e-Naira which was launched on Monday by the Central Bank of Nigeria.

The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of activities billed for Nigeria’s 61st-anniversary celebrations.

READ: E-Naira Meaning: 15 Important Things To Know About Nigeria’s E-Naira Digital Currency

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 .

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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” .

READ: CBN Postpones Launching Of eNaira On Independence Day Over Alleged Lawsuits

Meanwhile, Nigeria Digital Currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Play Store and Apple Store on Monday.

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JUST IN: CBN Reels Out e-Naira App, Merchant Wallet

A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.

The statement read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.

“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”

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