The Federal Excessive Courtroom in Abuja on Friday rejected an interim restraining movement filed by eNaira Fee Options Restricted in opposition to the Central Bank of Nigeria’s (CBN) use of the “eNaira” trademark.
Justice James Omotosho delivered the ruling on a movement on discover filed by the agency in opposition to the CBN and others.
The corporate sought an order of interim injunction restraining the Central Bank of Nigeria (the primary defendant) from additional asserting any rights to the eNaira mark in america or every other international jurisdiction, together with in relation to items, earlier than america Patent and Trademark Workplace—pending the listening to and willpower of its substantive go well with in Nigeria.
Authorized Dispute
The CEO of E-Naira Fee Options Restricted, Jonathan Kenneth Adoke, approached the courtroom searching for an order directing the CBN to instantly stop any communication or engagement with america Patent and Trademark Workplace (USPTO) or every other international authority relating to the eNaira trademark, pending the willpower of the go well with earlier than the Nigerian courtroom.
The agency additionally requested:
“An order of interim injunction directing the Central Bank of Nigeria to inform america Patent and Trademark Workplace of the continuing litigation regarding the eNaira trademark in Nigeria and its sub judice standing, pending the listening to and willpower of the substantive go well with.”
Moreover, the plaintiff sought an order of interim injunction directing the USPTO, the Trademark Trial and Appeal Board, or every other related U.S. authority to halt proceedings or decision-making associated to the eNaira mark till the go well with in Nigeria is concluded.
The agency additionally requested the courtroom to mandate the CBN to chorus from representing the time period “eNaira” as a sovereign asset or authorized tender of Nigeria in any jurisdiction and to cease any additional makes an attempt to forestall its registration of the eNaira title or trademark in any nation.
The plaintiff claimed he holds authorized rights to the eNaira trademark and that his software for its registration was accepted by the trademark registry.
In response, CBN’s authorized group argued that the eNaira trademark can’t be owned by a non-public entity, because it represents a nationwide asset, having been launched as a digital forex by the Federal Republic of Nigeria.
What the Decide Stated
Ruling on the interim movement, Justice Omotosho said that he’ll contemplate the “steadiness of comfort” in step with related legal guidelines.
- He defined that the steadiness of comfort refers to which occasion would undergo extra hurt if the appliance had been granted or refused.
- The decide famous that the CBN had already written to the U.S. Trademark Workplace, asserting that the eNaira is a nationwide asset of Nigeria.
“The motion of the CBN is preservatory,” he mentioned.
- He additional said that the Nigerian economic system would undergo considerably if the interim software had been granted, with doubtlessly extreme harm to the nation’s pursuits.
- The decide concluded that the plaintiff’s software would hurt Nigeria’s economic system and tarnish its worldwide repute.
“Right this moment, the courtroom guidelines that the CBN could be positioned in an irreversible place if this software is granted,” he added.
“The plaintiff’s software fails,” the decide dominated.
- He held that the plaintiff had not introduced a compelling case, and the appliance was refused for missing benefit.
The courtroom subsequently adjourned the matter to June 26 for the listening to of the substantive go well with.
Extra Insights
Nigeria’s Central Bank Digital Forex, the eNaira, was launched in October 2021 as a part of the nation’s efforts to drive monetary inclusion.
The digital model of the naira was additionally anticipated to advertise the CBN’s cashless coverage.
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