The Central Bank of Nigeria has said the e-naira set to be launched on October 1 is a legal tender equal to the value of the naira and therefore must be accepted as a form of payment by all merchants and business outlets.
This was made public by the CBN Director, Payment System Management, Mr. Musa Jimoh, during an interview on the ‘Business Morning’ programme on Channels Television on Monday.
He 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.”
Jimoh advised Nigerians to open e-naira wallets, which could be downloaded on their phones from October 1, adding that CBN bears all liabilities.
“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.
Speaking further on whether Nigeria was ripe for the e-naira due to the technological challenges in the country, Jimoh said he didn’t expect it to be a major problem.