Big win for the Central Bank of Nigeria as the court shuts down a private company’s bid to claim ownership of the eNaira name, ending a long-running trademark dispute in Abuja.

According to cbinews tv, the Federal High Court in Abuja has ruled that the Central Bank of Nigeria (CBN) is the sole rightful owner of the eNaira digital currency platform.

In a judgment delivered by Justice James Omotosho, the court didn’t mince words, it granted a perpetual injunction stopping a private firm, eNaira Payment Solutions Limited, from continuing to present itself as the owner of the “eNaira” trademark.

Even though the company has been around since 2004, the court felt its name choice was misleading, especially given how closely “eNaira” is tied to Nigeria’s official currency and sovereignty.

The judge pointed out that the name could easily make the public believe the company was backed by the Federal Government or the CBN, which simply isn’t the case.

Interestingly, the Trademark Registry had already flagged issues back in November 2021, withdrawing approvals linked to the company’s attempt to register “eNaira” in key service categories. The reason? The name is considered a national asset and closely linked to Nigeria’s legal tender.

The court was firm on one key point: you can’t claim exclusive rights to something that represents national sovereignty. It also stressed that under company law, regulators can refuse names that suggest government approval, and “eNaira” clearly falls into that category.

Justice Omotosho went further, warning that allowing a private firm to control the name could mislead the public and even shake confidence in Nigeria’s digital financial system. In his words, any digital currency branded “eNaira” outside the CBN framework could wrongly suggest it is officially backed by the central bank, something the law does not support.

The court ultimately dismissed the company’s case, sided with the CBN and the Corporate Affairs Commission, and even awarded ₦10 million in costs against the firm. It also ordered the company to drop the use of “Naira” from its name entirely.

For its part, the company argued it had used the name “Naira” internationally for over two decades, insisting the term isn’t exclusive to Nigeria. Its lawyer even referenced other global currencies like the US dollar and Canadian dollar, arguing that no country has a monopoly on such terms.

But the court wasn’t convinced, and the ruling makes it clear that when it comes to the eNaira, it’s firmly under the control of Nigeria’s central bank.

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