eNaira: Company Drags CBN to Court Over “Trademark Infringement”.

CBN has stated on several occasions that the eNaira will be launched officially on Nigeria’s independence anniversary day, 1st October 2021.

On Tuesday September 28, 2021, reports from Nairametrics show a cease notification has been sent to the Central Bank of Nigeria (CBN) over the use of the name “eNaira”.

The apex bank reportedly floated a website owned by an already existing firm. The firm, through its lawyers, accused the CBN of trademark infringement.

This was made known via a document titled: “Infringement of Trademark & Violation of Corporate Name cease and desist notification to the Central Bank of Nigeria.” The  notice was issued and signed by Olakule Agbebi Esq for Olakule Agbebi & Co .

According to the document, the client had been incorporated since 7th April 2004 registered in class 36 and class 42 under the name ‘ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500)”.

“Our client is the holder of the Trademark “ENaira” registered in Class 36 and Class 42. It has come to our client’s notice that the Central Bank of Nigeria (CBN) has announced the planning launching of a financial under what it termed its Central Bank Digital Currency to be known as “eNaira”.

The document stated that the launch of the eNaira serves as a threat and shows willful infringement of his client’s trademark. It also added that his client is now exposed to damages, loss of business and loss of goodwill.

“For this reason, our client has approached the federal high court in suit No. FHC/AB/CS/113/2021 between ENaira Payment Solutions Limited v Central Bank of Nigeria to seek restraining orders, including an order to restrain the CBN from proceeding with the proposed launching on the 1st of October 2021.

The notice added states clearly that in the meantime, The CBN is warned to cease and desist from using the name eNaira for its product in any way.”