The Central Bank Of Nigeria Postpones The Launch Of The e-Naira

The Central Bank of Nigeria has postponed the launch of its central bank digital currency – the e-Naira. The e-Naira was scheduled to launch today, the first of October, commemorating Nigeria’s 61^st independence anniversary.

Although the launch of the e-Naira was postponed, it is not a result of the cease and desist notification it received from Olakunle Agbebi & Co on behalf of their client ENAIRA PAYMENT SOLUTIONS LIMITED. A Federal High Court sitting in Abuja has given the central bank the go-ahead for the launch of the e-Naira irrespective of the threat to be sued it received from the aforementioned company. The company that sent the cease and desist notification goes under the name ENAIRA PAYMENT SOLUTIONS LIMITED and is registered with the number 508500. The company has long been in existence and has been incorporated since the 7^th of April 2004.

The case against the CBN initiated by ENAIRA PAYMENT SOLUTIONS LIMITED made a claim of trademark infringement. The case numbered FHC/ABJ/CS/113/2021 read “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 Federal high court in Abuja is allowing the rollout of the e-Naira on the grounds that it is of national significance. The matter was, however, adjourned to October 11, 2021, for further hearing.

On Tuesday, we reported that the e-Naira’s launched may be postponed till the 4^th of October. A tweet from Nigerian tech expert, YouTuber and tech entrepreneur Fisayo Fosodu predicted the postponement of the e-Naira’s launch.

“The e-Naira platform just went live (and has gotten 1 million views –enaira.com). The launch might be delayed from October 1^st until the 4^th according to reports”, his tweet read.

According to what the Director of Corporate Communications of the Central Bank – Osita Nwanisobi- said yesterday, the launch of the e-Naira was delayed due to other significant activities that have been lined up to commemorate the 61st Independence Anniversary.

Although the launch has been delayed, the e-Naira website has been launched and the e-Naira wallet can be downloaded from the website or from Apple or Google Play Store. Pending its launch, you can read what to expect from the e-Naira here.