Business
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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...