ENaira Payment Solutions Limited v. Central Bank of Nigeria (FHC/ABJ/CS/113/2021) came up today, Thursday, September 30, 2021, at the Federal High Court 8, Abuja presided over by Justice Taiwo Obayomi Taiwo. The Principal Counsel, D. D. Dodo SAN led the team for the defendant CBN counsel 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 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 as the Plaintiff can be adequately
compensated in damages. The matter was adjourned to 11th October, 2021 for further hearing.
Meanwhile, ahead of the anticipated launch of Nigeria’s Central bank digital currency, known as eNaira, the Spokesman of the Central bank of Nigeria (CBN), Mr. Osita Nwanisobi, says 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.
Speaking with newsmen in Abuja yesterday, Nwanisobi explained 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.
While assuring that there was no cause for alarm, he said 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.
Highlighting the benefits of the eNaira, Nwanisobi stressed 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. He added that the eNaira would also help reduce the use of cash and ensure stability of the Nigerian economy.
On the readiness of banks and other financial institutions in the financial ecosystem for the launch of the eNaira, he reiterated that eNaira was a journey, explaining that not all banks customers were expected to commence transaction on the day of the launch. He, however, assured that financial institutions in Nigeria remained key actors and were a critical part of the Central Bank Digital Currency (CBDC).
Nwanisobi also noted that the CBN was mindful of concerns expressed about the eNaira, being among the first CBDCs in the world. According to him, the Bank had put a structure in place to promptly address any issue that might arise from the pilot implementation of the eNaira.