Court in Nigeria Creates Space for the CBN to Launch eNaira

Partnership for Peace and Community Development (PPCD), a civil society organization, yesterday backed the Central Bank of Nigeria's (CBN) ongoing efforts to "eradicate shady transactions, sharp practices, and corruption" that has been a feature of the country's foreign currency system. 

The plaintiff requested that the intended introduction of the digital currency be halted due to an alleged trademark violation.

The Court Clears the Way for the Central Bank of Nigeria to Launch eNaira

The CBN's Principal Counsel, D. D. Dodo (SAN), who led the defendant's team, requested the court to dismiss the Plaintiff's Motion Exparte attempting to halt the introduction of the Defendant's digital currency due to its importance to the nation's economic progress.

Although the court was not inclined to dismiss the plaintiff's Motion Exparte, it thought that the launch of the digital currency should proceed in the interests of the nation and the country's economic advancement, especially given that the company could be adequately compensated in damages.

However, the case was adjourned until October 11, 2021.

To Safeguard It From Operational And Cybersecurity Threats, The eNaira Will Be Recognized As A National Vital Infrastructure

A Federal High Court in Lagos rejected a lawsuit made against the Central Bank of Nigeria (CBN) over its governor, Mr. Godwin Emefiele's, use of the pseudonym "eNaira." 

The plaintiff filed a lawsuit against the CBN after the bank revealed intentions to establish a digital currency pilot program this month. 

The move was made to honor the country's 61st anniversary of independence as well as its independence from Britain.

By the unique grace of God, Nigeria's digital currency, termed eNaira, will undoubtedly go live in October. 

The usage of cash is falling across the world, including in Nigeria, and with the introduction of digital commerce, which is flourishing in the nation, an increasing number of individuals are adopting the use of electronic money.

Mr. Muhammad Abbah Sada, the convener of the PPCD, stated that the organization was formed to address certain important concerns highlighted by anonymous people and organizations. 

"We cannot fold our arms and let a few unscrupulous individuals hold the rest of the country to ransom," he added, as a CSO conscious of its duties to the public.

Sada Urge All Patriots To Join Him In His Battle To Rescue Nigerians From The Chains Of Economic Saboteurs 

Sada added, "Another important point to note is that the CBN's new policies have cut through the tape of challenges associated with the old opaque policies, causing a commotion among Nigeria's enemies who don't want to see change and progress because of their perfidious desire and self-centered material aggrandizement."

The organization stated that the remarkable accomplishment was accomplished under Emefiele's leadership despite the worldwide pandemic's economic downturn.

The committee is persuaded without a shadow of a doubt that Emefiele's economic policies and programs were a move in the right direction. 

Sada urged all patriots to join him in his battle to rescue Nigerians from the clutches of economic saboteurs and disloyal Nigerians.

"We make bold to state that you deserved commendation not condemnation by all patriots and as such we will resist and confront where necessary all enemies of peace and security across the entire length and breadth of the country."