Trouble looms for the soon-to-be-launched Nigerian digital currency. This follows a cease-and-desist notification issued against the Central Bank of Nigeria on using the name “eNaira”. The document signed by Olakunle Agbebi Esq. for Olakunle Agbebi & Co was titled “Infringement of Trademark and Violation of Corporate Name: Cease and Desist Notification to the Central Bank of Nigeria”.
Earlier this week, the apex bank unveiled their website – www.enaira.com, as they hope to launch the digital currency on Independence Day this year. According to the document, Enaira Payment Solutions Limited (RC 508500) was incorporated as early as April 2004 in Class 36 and 42.
The document noted that using the name depicts willful infringement of the company’s trademark and was a threat. This, as such, exposes the company to damages, loss of business and goodwill.
The law firm, on behalf of their client, have already filed a case with Federal High Court, Case No.: FHC/AB.CS/113/2021. A clause in the notification includes that the apex bank has to stop using the name ‘eNaira” for their product.
The CBN announced months ago that they would be launching a digital currency called eNaira on 1st October 2021. With just a few days to the D-day, this could be a significant setback to the plan. Recall that the CBN also banned financial institutions from getting involved in cryptocurrency transactions.
