Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN) has told that the launch of Nigeria’s very own CBDC i.e. e-naira is expected in a matter of few days. He informs that the waiting days are over and it is time to test e-naira to see how Nigerians responds to their national digital currency.
The Governor of the Nigerian central bank was pleased to engage with the citizens in telling them that e-naira is about to go live.
E-naira is a digital currency project which represents the digital currency developed by Central Bank of Nigeria (CBN). The project was undertaken by CBN when crypto market started to swell globally as well as regionally at the end of 2019. Within African region, Nigeria was considered to be the leader in terms of crypto adoption. However, South Africa became its competitor in the field of crypto and took a lead from Nigeria. But Nigeria decided that it will have to make sure that it develops CBDC before anyone else in Africa could do so.
Aimed with the objective of leading in CBDC project in the region, Nigeria initiated the project of “e-naira”. Now the project is almost complete and the Governor of CBN namely Godwin Emefiele is expecting e-naira’s launch in a few days. He was witnessed saying that in a matter of days Nigeria will become the first country in Africa to have launched CBDC. His statement shows that it is not too far when e-naira will be made available in Nigeria.
There were however a few ups and downs prior to the completion of the e-naira project. For instance, there was a crypto company in Nigeria whose name was “Enaira”. The company filed a suit for trademark infringement against CBN and the Government. In the suit, it was claimed that the word “enaira” is the absolute property of the plaintiff protected under the trademark law. If CBDC is named after “enaira” then it will be the infringement of property rights of the plaintiff. Consequently, CBN was forced to change the date of e-naira’s launch until the litigation is over.
However, since the e-naira project is of national importance, therefore, the Court requested the plaintiff to waive off its rights over “enaira”. Against the waiver, the Court ordered CBN to reasonably compensate the plaintiff company because it was the owner of “enaira”. CBN agreed before the Court that it will make sure that the plaintiff is compensated reasonably.
It seems now that CBN has entered into a deal with the plaintiff company. Also, the rights to use the word “e-naira” may have been acquired by CBN. If it is true then of course there is no further hurdle in the path of e-naira’s launch.