The Central Bank of Nigeria (CBN) has that the country digital currency, eNaira, is a legal tender that must be accepted by all businesses.
This was disclosed by the Director (Payment System Management) of CBN Mr Musa Jimoh at an interview on Business Morning show of Channels television.
“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,” he said.
While urging Nigerians using android and iPhone mobile devices to download the e-Naira wallet from October 1 from the application stores respectively, the CBN Director said the bank would bear all liabilities of the digital currency.
“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,” Mr Jimoh said.
Asked if Nigeria is ready for the e-naira implementation due to the technological challenges in the country, the official said that he does not expect it to pose any serious problem.
“E-Naira is a journey. We don’t expect that on October 1, all business merchants in Nigeria will accept it. We don’t even expect that come October 1, all Nigerians will have e-naira.
It is a journey. It will continue to grow,” he said.
The CBN had on August 30 announced plans to launch its own digital currency on October 1 after instructing banks to close crypto-related accounts in February.
CBN governor Mr Godwin Emefiele said the e-Naira would operate as a wallet against which customers can hold existing funds in their bank account, and that the currency would accelerate financial inclusion which will enable cheaper and faster remittance inflows.
