Businesses must accept e-naira payment, CBN warns
It is only a matter of a week and some days that e-naira will become a legal tender and a payment option in Nigeria, I see this as a good way and alternative to naira, but naira is a depreciative asset, one of the worst fiat to hold are fiat of developing and underdeveloped nations, but this will actually be good for spending.
The Central Bank of Nigeria says 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.
Jimoh 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.”
He 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.
It is clear that naira is naira, nothing changed about e-naira, it is still naira and nothing more than a naira but a naira. Purely and totally subjected to devaluating manipulation. I hope other Nigerians can see how the CBN president want to use false information to make Nigerians to hold e-naira, thinking it is like bitcoin and other strong decentralized alternatives. E-naira is completely a depreciating asset pegged with naira.