October 01, (THEWILL) – The Central Bank of Nigeria (CBN) has explained the reason for the postponement of the planned launch of the digital currency, eNaira.
The launch, which was initially scheduled for October 1, has been deferred indefinitely.
The apex bank’s Director of Communications, Osita Nwasinobi, explained in a statement Thursday night that the 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.
The statement entitled, “CBN defers eNaira launch to mark Independence Anniversary”, explained that, “The planned unveiling on October 1, 2021 has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.
“The 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,” Nwasinobi noted in the statement.
It did not, however, give another date for the launch.
Nwasinobi assured that there was no cause for alarm as the CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.
He further reiterated the benefits of the eNaira, noting that Nigerians would be able to carry out peer-to-peer transfer to another person’s eNaira wallet as well as pay for goods and services at selected merchants.
The CBN had on September 27, launched a website, www.enaira.com, for the operations of the country’s first digital currency ahead of the planned eNaira launch. on October 1.
Reacting to the insinuations that the CBN was compelled to postpone the eNaira launch following a recent litigation process commenced against it by a firm, eNaira Payment Solutions Limited, the apex bank insisted that the deferred launch had nothing to do with the lawsuit.
The postponement which came only two days after a firm, ENaira Payment Solutions Limited filed a lawsuit against the CBN at the Federal High Court, Abuja, for using the name “eNaira” in violation of its trademark, has led to insinuations among the public that the Bank took the action “to play safe.”
In a document signed by its lawyers, Olakunle Agbebi & Co, the company accused the apex bank of trademark infringement for adopting the eNaira, and asked the CBN to desist from using the proposed name.
But the apex bank’s spokesman denied that the CBN postponed the eNaira launch to avoid incurring the legal wrath of ENaira Payment Solutions.
“The postponement of the eNaira launch has nothing to do with the lawsuit filed by ENaira Payment Solutions Limited. The court has ordered that the eNaira launch should go ahead and we are going ahead. We have explained the reason for the postponement, and that is it,” Nwasinobi told THEWILL by telephone Friday.
The Federal High Court, Abuja, had okayed the take-off of the Central Bank of Nigeria Digital Currency (CBDC) also known as the eNaira.
While ruling on the ENaira Payment Solutions Limited v. Central Bank of Nigeria matter in which the Plaintiff had urged the court to stop the proposed launch of the digital currency over an alleged trademark infringement, the Federal High Court, presided over by Justice Taiwo Obayomi Taiwo, ordered that the unveiling should proceed in the national interest and economic advancement.
The CBN’s Principal Counsel, D.D. Dodo (SAN), who led the team for the Defendant had urged the court to strike out the Plaintiff’s Motion Exparte seeking to restrain the launch of the Defendant’s digital currency in view of its significance to the nation’s economic advancement.
The court was not disposed to striking out the Plaintiff’s Motion Exparte, as the CBN’s Principal Counsel had requested, 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 given that the company could be adequately compensated in damages.
The matter was however adjourned to October 11, 2021 for further hearing.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
