Businesses Must Accept e-Naira for Payments, Mobile App to be Available for Download from October 1 – CBN

The Central Bank of Nigeria, CBN has said e-Naira when launched will be a legal tender with equal status with the fiat naira, and therefore merchants and business operators must accept and means of payments for their goods and services.

CBN Director of Payment System Management, Musa Jimoh disclosed on Tuesday while featuring on Channels TV's “Business Morning.”

The Central Bank of Nigeria has stated that the e-naira which will be launched on 

“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,” Mr Jimoh said

He said e-Naira Wallets  App will be available for download starting from 1st of October, and urged Nigerian to down load the App on their mobile phone, open their e-Naira wallets. 

 “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,” Jimoh said. 

The Central Bank of Nigeria had announced that it will launch Nigeria’s Central Bank Digital Currency, CBDC known as e-Naira on Nigeria’s Independence Day, October 1.

The digital currency is to be developed and managed by Bitt Inc. Bitt Inc is a fintech business that uses blokchain and distributed ledger tech to enable safe peer-to-peer transactions with ease money access Bitt's software tool and mobile apps.

CBN has directed Bitt Inc to incorporate the business in Nigeria as a limited liability company with Corporate Affairs Commission and give part of its shareholding to CBN.

Business Compiler had written a report on advantages and disadvantages of e-Naira, all you need to know

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