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The defendant’s counselled by D.
D.
Dodo (SAN) urged the court to strike out the plaintiff’s motion seeking to restrain the launch of the central bank digital currency (CBDC), otherwise known as eNaira, considering its significance to the national economy.
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 digital version of the country’s currency was earlier scheduled for unveiling today but the CBN Governor, Godwin Emefiele, disclosed that Independence Day activities could result in a shift of the unveiling timeline.
“Importantly, the potential this has to deceive the general public into believing that this product emanated from our client’s company is real and the consequences for our client are grave.
Meanwhile, the Director of Corporate Communications of the Central Bank, Osita Nwanisobi, said yesterday that the planned unveiling today has been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.
The potential to expose our client to all manner of damage, loss of business and loss of goodwill is also very real.” The notice was issued shortly after the digital money website went live.
The court was not disposed to striking out the motion but held that the launch of the digital currency could go ahead in the interest of the country, especially as the plaintiff could be adequately compensated..
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