Court approves launch of CBN’s digital currency

Justice Taiwo Taiwo of the Federal High Court, Abuja, on Thursday gave the Central Bank of Nigeria (CBN) the approval to use the eNaira for its digital currency.

A firm, ENaira Payment Solutions Limited, had challenged the CBN’s use of the name at the court.

In a document signed by its lawyers, Olakunle Agbebi & Co, the company accused the apex bank of trademark infringement for adopting the eNaira.

It asked the CBN to desist from using the proposed name.

At Thursday’s proceedings, the CBN legal team led by D. D. Dodo (SAN) urged the court to dismiss the plaintiff’s motion to halt the launch of the digital currency.

READ ALSO: Company sues CBN for using the name ‘ENaira’

In his ruling, the judge held that the use of eNaira would be in the national interest.

He ordered the apex bank to go ahead with the launch of the eNaira.

The launch of the digital currency which was slated for Friday was later postponed.

The judge said he expects the CBN to adequately compensate ENaira Payment Solutions Limited for using its trademark name.

He adjourned the matter till October 11.

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