The Central Bank of Nigeria Has Been Sued For Using The Name “e-Naira” For Its Imminent CBDC

Not too long after the Central Bank of Nigeria (CBN) successfully launched the website for its central bank digital currency (CBDC), the apex bank has received a notice that stated that it had violated the corporate name of a corporate company. Signed by Olakunle Agbebi Esq for Olakunle Agbebi & Co., the document received by the central bank is titled “Infringement of Trademark & Violation of Corporate Name cease and desist Notification to the Central Bank of Nigeria”.

With the e-Naira launch just a few days away, one would wonder if this would rise up to become a challenge.

The company that sent the cease and desist notification goes under the name “ENAIRA PAYMENT SOLUTIONS LIMITED registered with the number 508500. The company has long been in existence and has been incorporated since the 7^th of April 2004.

The document sent to the apex bank says that the launch of the e-Naira is a willful infringement of the aforementioned company’s trademark, adding that ENAIRA PAYMENT SOLUTIONS LIMITED, due to the CBN’s actions have been exposed to damages and loss of goodwill.

“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”, the document read adding that “In the interim, the CBN is hereby warned to cease and desist from using or purporting to use the name e-Naira for its product or in any way”.

The central bank is yet to make a statement about this development and the launch of its central bank digital currency – the e-Naira is still slated for the 1^st of October which is also the day that marks Nigeria’s 61^st independence anniversary.