Wednesday, September 27, 2023

CBN Indemnifies Self: We Won’t Be Liable For Stolen Funds, Dispense Errors From Nigerians’ eNaira accounts

The Central Bank of Nigeria has indemnified itself against any liability should subscribers to the newly launched digital currency, eNaira, suffer any loss on the platform.

Checks on the eNaira website ( by Peoples Gazette revealed a number of clauses by the apex bank removing itself from being joined as a party in any future lawsuits, if users encounter losses while using the digital currency. 

The limitation of liability clause stated that “in no event will the CBN or its directors, officers, employees, independent contractors, affiliates or agents, or any of its or their respective service providers, be liable to you or any third party for any use, interruption, delay or inability to use the eNaira website, lost revenues or profits, delays, interruption or loss of services, business or goodwill, loss or corruption of data, loss resulting from system or system service failure, malfunction or shutdown, failure to accurately transfer…”

Under its terms of service, the CBN warned users of the eNaira website to defend it against any “action, cause, claim (and) damage” in the event they experience losses.

The Gazette went over the terms and conditions of service on the website, noting multiple disclaimers and limitation of liability in the event of customers’ losses. 

An indemnification clause under the ‘Privacy Policy and Terms of Use’ section highlights that users who signed up to use and transact with the digital currency have agreed to take complete responsibility for actions taken on their accounts. 

Other disclaimers from the apex bank covers the reliability of information on the digital currency website, saying that it “will not promise that any of the materials on this website are accurate, complete, or current.”

The regulatory bank also noted that it “or its service providers will not be held accountable for any damages that arise with the use or inability to use the materials on eNaira’s website, even if CBN or its authorised representative has been notified, orally or in writing, of the possibility of such damage.”

Spokesman for the CBN did not immediately provide comments when reached by The Gazette Wednesday afternoon.

The eNaira was launched by President Muhammadu Buhari and CBN governor Godwin Emefiele at an elaborate event at the State House on Monday. 

Mr Emefiele noted at the launch that N500 million had been minted by the Bank, of which the sum of N200 million has been issued to financial institutions. He also noted that over 2,000 customers have been onboarded on the platform.

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