From Uche Usim, Abuja
A Federal High Court sitting in Abuja has cleared the Central Bank of Nigeria (CBN) to go ahead with the scheduled launch of its digital currency, the eNaira on October 1.
A Nigerian Company, ENaira Payment Solutions Limited, had instituted a suit before a Federal High Court against the CBN over alleged copyright infringement by using the name eNaira, which it claimed registered in Class 36 and Class 42.
The case of ENaira Payment Solutions Limited versus Central Bank of Nigeria came up for hearing on Thursday at the Federal High Court 8, Abuja presided over by Justice Taiwo Obayomi Taiwo. The Principal Counsel, DD Dodo, SAN, led the team for the defendant.
The CBN counsel urged the court to strike out the plaintiff’s motion ex parte seeking to restrain the launch of the defendant’s digital currency in view of its significance to the nation’s economic advancement.
However, the court was not disposed to strike out the plaintiff’s motion ex parte 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 as the plaintiff can be adequately compensated in damages.
The matter was adjourned to October 11 for further hearing.