Court Denies Request to Block Central Bank’s Digital Currency Trademark

A federal court in Abuja has refused to grant a temporary order that would have prevented the Central Bank of Nigeria (CBN) from using a trademark for its digital currency. The decision was made in response to a lawsuit filed by a private company, which claimed that the CBN had improperly taken its intellectual property.

The company had argued that it was the rightful owner of the trademark, having been granted acceptance for registration by the relevant authorities. However, the CBN countered that the trademark was a national asset that belonged to the government and could not be owned by a private entity.

The court ultimately sided with the CBN, ruling that granting the company’s request would cause more harm to the nation’s economy than to the company itself. The judge also found that the CBN’s actions in communicating with international authorities to protect its interests were justified and not malicious.

As a result, the court dismissed the company’s motion and ordered it to pay a fine of N50,000 to the CBN. The case will now proceed to a full hearing on June 26, where the court will consider the merits of the company’s claim to the trademark.

The CBN has maintained that its digital currency trademark is a vital national asset that requires protection, and that it is taking steps to register it internationally to prevent unauthorized use. The case highlights the importance of intellectual property rights and the need for clarity on ownership and usage of digital currency trademarks.