AFederal High Court sitting in Abuja on Thursday gave the Central Bank of Nigeria (CBN) the nod to launch its eNaira, even though a patent right suit over the brand remains pending before the same court.
Olakunle Agbebi & Co, solicitors to ENaira Payment Solutions, had insisted that the trade name, ENaira, was incorporated on April 7, 2004, and it remained a valid and existing legal entity has complied with the statutory requirements as regards the filing of its annual returns and the payment of company income tax since then.
At Thursday’s proceedings, the CBN legal team led by D. D. Dodo (SAN) urged the court to dismiss the plaintiff’s motion to halt the launch of the digital currency.
In his ruling, the judge held that the use of eNaira would be in the national interest.
He ordered the apex bank to go ahead with the launch of the eNaira.
The launch of the digital currency which was slated for Friday was later postponed.
The judge said he expects the CBN to adequately compensate ENaira Payment Solutions Limited for using its trademark name.
He adjourned the matter till October 11.
