Oyogist has learned that the central bank of Nigeria has download of its digital E naira wallet would begin from October 1st 2021.
The Director, Payment System Management, at the CBN Mr. Musa Jimoh, said this during an interview with newsmen.
According to him, the e-naira which is set to be launched on October 1, 2021, is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets.
“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.
“The liability of the enaira 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.”
The CBN Director emphasised that the e-naira comes with many benefits and would save the cost of printing more notes.
“Today the cost of producing the naira and coins is very high. It costs money to print naira in this country. Now, the minting of e-naira is electronic so it reduces cost,” Jimoh stated.
He also said that charges of transferring funds would be lower for those using the e-naira.