"Nigeria: Court gives Central Bank the nod for rollout of eNaira"

" \n Nigeria: Court gives Central Bank the nod for rollout of eNaira \n \n\n \n Amid heated litigation over its trademark infringement on the name \u201ceNiara,\u201d a Federal High Court in Abuja has given the nod for the Central Bank of Nigeria\u2019s rollout of its digital currency. \n \n\n \n This was disclosed in the hearing yesterday, at the Federal High Court 8 presided over by Justice Taiwo Abayomi Taiwo, according to The Guardian. \n \n\n \n Nairametrics earlier reported that a cease and desist notification was sent to the CBN concerning the use of the name \u201ceNaira.\u201d \n \n\n \n ENaira Payment Solutions Limited brought the case (FHC\/ABJ\/CS\/113\/2021) against the CBN over a claim of trademark infringement. According to the notification from the solicitor of the company, the launch of the eNaira is a threat and shows willful infringement of his client\u2019s trademark. \n \n\n \n Read: Exclusive: Why Central Bank of Nigeria postponed the launch of eNaira \n \n\n \n What the court said \n \n\n \n Given the importance of the central bank digital currency (CBDC), also known as eNaira, the defendants\u2019 counsel, led by D. D. Dodo (SAN), urged the court to dismiss the plaintiff\u2019s motion to halt the launch of the CBDC. \n \n\n \n The court was not inclined to dismiss the motion, but it did rule that the unveiling of the digital currency may proceed on national interest, particularly because the plaintiff may be adequately compensated. \n \n\n \n The case was however adjourned for further hearing on Monday, the 11th of October 2021. \n \n\n \n In case you missed it \n \n\n \n Nairametrics\u00a0 reported \u00a0yesterday, September 30, 2021, that the CBN\u2019s Director of Communication, Mr Osita Nwanisobi announced a postponement of the launch of Nigeria\u2019s digital currency, the eNaira, previously scheduled to hold on October 1, 2021. \n \n\n \n However, Nairametrics in an\u00a0 exclusive report , uncovered that the unanticipated surge in visits on the website of the Central Bank\u2019s eNaira initiative led to the sudden postponement of the launch. \n "

"Nigeria: Court gives Central Bank the nod for rollout of eNaira"

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