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Home Forums Business Matters Should CBN Forces Businesses In Nigeria To Accept E-naira Payment?

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    Should CBN Forces Businesses In Nigeria To Accept E-naira Payment?

    CBN

    According to the Central Bank of Nigeria, the e-naira, which will be launched on October 1, 2021, is a legal tender equal to the value of the naira and must thus be accepted as a form of payment by all merchants and business outlets.

    Mr. Musa Jimoh, CBN Director of Payment System Management, stated this during an interview on Channels Television’s “Business Morning” program on Monday.

    He said:

    Today, anywhere you present naira to pay, it must be accepted because that is our fiat currency,

    So, in the same way that naira is accepted in such a way that it cannot be rejected, e-naira must be accepted. Wherever e-naira is presented He advised Nigerians to open e-naira wallets, which could be downloaded on their phones beginning October 1, and stated that the CBN is responsible for all liabilities.

    In response to whether Nigeria was ready for the e-naira due to the country’s technological challenges, Jimoh stated that he did not expect it to be a major issue. He went on to say, “E-naira is a journey. It will continue to grow.” We do not anticipate that all business merchants in Nigeria will accept it on October 1. It must be accepted. So, merchants should accept it as means of payment.

    Must CBN forces Nigerians to embrace this digital currency? Share your opinion.

    Read Also: Online Business versus Real Estate –Which One Is A Better Investment?

     

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