Court Approves CBN’s eNaira Launch

This emerged just as a civil society group, Partnership for Peace and Community Development (PPCD), threw its weight behind current efforts by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Emefiele is said to have been after the goal to “eliminate shady deals, sharp practices and corruption” which had been the hallmark of the country’s foreign exchange (FX) system.

Federal High Court, presided over by Justice Taiwo Obayomi Taiwo, while ruling on the ENaira Payment Solutions Limited v. Central Bank of Nigeria (FHC/ABJ/CS/113/2021) matter in which the plaintiff had urged the court to stop the proposed launch of the digital currency over an alleged trademark infringement, ordered that the unveiling should proceed in the national interest and economic advancement.

The CBN’s Principal Counsel, D. D. Dodo (SAN) who led the team for the defendant urged the court to strike out the Plaintiff’s Motion Exparte seeking to restrain the launch of the Defendant’s digital currency in view of its significance to the nation’s economic advancement.

Although the court was not disposed to striking out the plaintiff’s Motion Exparte but was of the view that the launch of the digital currency should go ahead in the nation’s interest and the economic advancement of the country, especially given that the company could be adequately compensated in damages.

The matter was however adjourned to October 11, 2021 for further hearing.