Nigeria: Businesses 'Ll Accept e-Naira - CBN

21 September 2021

As the Central Bank of Nigeria prepares to launch the e-naira on October 1, the apex bank said the digital currency 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.

Director, payment system management, Mr. Musa Jimoh, said this during an interview on the 'Business Morning' programme on Channels Television yesterday. Meanwhile, the technical partner of the Central Bank of Nigeria (CBN) on the digital currency, Bitt Inc has revealed plans to establish an office in Nigeria.

According to the chief executive of Bitt Inc, Brian Popelka, a local presence is required to best serve Nigeria and its other market activities in Africa. Nigeria is set to join a few other countries which have launched digital currencies with the introduction of the e-naira slated for October 1st 2021.

The e-naira is expected to be a unique and significant national infrastructure in Nigeria according to the CBN and Popelka explained that the project would help to lower the cost of receiving and sending money and would promote financial inclusion throughout Africa.

Popelka further explained that the project has been under development for years and has a robust and well-defined strategy for deployment and this involves all stakeholders.

"We have already formed local partnerships and are in active discussions with several other African countries", Popelka said.

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