BankingEconomy

Businesses will at no instance object to e-Naira, CBN warns

In view of the CBN preparedness to launch the pilot phase of the CBDC by October 1, the apex bank has reiterated to businesses and the general public to comply with e-Naira as a legal means of payment, as such under no guise shall any merchant, or business reject the currency from a consumer or any customer.

CBN noted that the e-Naira is a legal tender equal to the value of the naira as such must be accepted as a form of payment by all merchants, businesses and all.

The CBN director Mr. Musa Jimoh noted during an interview on the “Business Morning program on Channels Television on Monday.

In his words “Today, anywhere you present the naira to pay, compulsorily it must be accepted because that’s 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, so merchants must accept e-naira as a means of payment.”

Musa advised Nigerians to open the e-naira wallets which could be downloaded on their phones from October 1, stating 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.”

However, Musa was made to react whether Nigeria was ripped for the e-naira considering technological challenges in the country, he said that isn’t expected to be a major issue.

“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.

“Recall, there was a time in this country when you had to beg business outlets, merchants and others to accept POS transactions. But we have come to a point where traders now beg for POS terminals.

E-naira according to the CBN director comes with a number of benefits, and would save the cost of printing more notes.

“Today the cost of printing the naira is very high, it costs money to print naira in this country, now the minting of e-naira is electronic so it reduces cost. Charges of transferring funds will be lower for those using the e-naira, he noted.”

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