While awaiting the official launch of the digital currency tagged ‘’e-Naira’’ which is billed to be unveiled on the 1st of October, 2021, the Central Bank of Nigeria has warned businesses, merchants and other relevant trading institutions domiciled in Nigeria, that the e-Naira is a legal tender which must be accepted by all and sundry for payments, anywhere it is presented.
The recent development was communicated today by the Director of Payment System Management at CBN, Mr. Musa Jimoh, while speaking on the popular ‘’Business Morning Show’’ aired on Channels Television.
Commenting on the recent development, Mr Jimoh said: ‘’Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.”
In addition, he also tasked Nigerians to open e-naira wallets, assuring them that the Central Bank of Nigeria will be responsible for all liabilities. He disclosed that the e-naira wallets will be accessible for download on mobile phones from the launching date of October 1, 2021.
Assuring Nigerians on the safety of the digital currency initiative, Jimoh said: ‘’The liability of the e-naira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN. So, it gives Nigerians the opportunity to bank with CBN.”
Naijabusiness.com.ng recalled that the Central Bank of Nigeria had earlier this year proposed to launch a digital currency known as the ‘’e-Naira’’ by 1st of October, 2021. In preparation for this, it issued guidelines to Nigerian banks and set different limits for the three levels to its speed wallet. The maximum limit of transfer per day at the least level (Tier-1 wallet) was pegged at N50,000 per day. Subsequently, the apex bank also engaged a global fintech company, Bitt Inc., as its technical partner for the initiative.