"Nigeria: Launch of eNaira postponed"

" \n Nigeria: Launch of eNaira postponed \n \n\n \n The much-anticipated launch of Nigeria\u2019s Central Bank Digital Currency dubbed eNaira has been postponed by the Central Bank of Nigeria (CBN). \n \n\n \n The postponement was announced in Abuja today, by Mr Osita Nwanisobi, the apex bank\u2019s Director of Corporate Communications. Nwanisobi stated that the CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence Day anniversary, in consideration of other activities lined up to commemorate the day. \n \n\n \n The postponement also comes in the wake of a cease and desist notification sent to the Central Bank of Nigeria (CBN) concerning the use of the name \u201ceNaira.\u201d \n \n\n \n According to a document seen by Nairametrics titled: \u201cInfringement of Trademark & Violation of Corporate Name cease and desist Notification to the Central Bank of Nigeria,\u201d the\u202f notice was signed by Olakunle Agbebi Esq for Olakunle Agbebi & Co\u202f. \n \n\n \n What the CBN Director of Communications said \n \n\n \n \u201cThe CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria,\u201d Nwanisobi noted in a statement. \n \n\n \n Assuring that there is no cause for concern, he stated that the CBN and other partners are dedicated to ensuring a smooth process that benefits customers in general, particularly those in rural regions and the unbanked. \n \n\n \n Read This: Ghana-UK interim trade pact takes off today \n \n\n \n On the eNaira\u2019s advantages, Nwanisobi stated that Nigerians will be able to send money to each other\u2019s eNaira wallets as well as pay for goods and services at selected merchants. \n \n\n \n He went on to say that the eNaira will limit the use of currency and ensure the Nigerian economy\u2019s stability. \n \n\n \n In response to questions about banks, financial institutions, and other financial ecosystem stakeholders\u2019 readiness for the introduction of the eNaira, he reaffirmed that the digital currency is a journey and that not all bank customers will be able to transact on the day of its debut. \n \n\n \n Meanwhile\u2026 a lawsuit looms\u202f \n \n\n \n It\u2019s not clear if the postponement is related to the lawsuit but Nairametrics reported that a cease and desist notification has been sent to the Central Bank of Nigeria (CBN) concerning the use of the name \u201ceNaira.\u201d \n \n\n \n \u201cFor 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,\u201d\u202f the Notice stated, adding that in the interim, the CBN was being warned to cease and desist from using or purporting to use the name eNaira for its product or in any other way. \n \n\n \n The apex bank is yet to respond publicly to the lawsuit. \n "

"Nigeria: Launch of eNaira postponed"

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