• Nigerian/African Tech
  • Start Up
  • Internet
    • App
    • Mobile
    • Software
  • Gadgets
  • Money
  • Video
Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Cryptocurrency

CBN Mandates All Nigerian Businesses To Accept The e-Naira

Femi by Femi
September 21, 2021
Share on FacebookShare on Twitter

Nigeria’s central bank digital currency (CBDC) is less than two weeks away from launching, bringing the country close to a new monetary era. The apex bank had earlier released guidelines concerning the digital currency and now it is making it compulsory that businesses across the country accept the e-naira.

Also On TechBooky

NFTs: The Year 2023 In View And Looking Ahead To 2024

Unveiling The Alleged Scam: A Deep Dive Into Tingo’s Troubling Journey

Africa Data Centres Plans Expansion To Ghana

YouVerify Set Up Shop In Kenya To Lead KYC Automation

Inside The Hack That Cost Crypto Exchange Patricia $2m

Businesses, merchants, service providers, etc., have been mandated to accept the imminent e-naira. This was revealed by the CBN Director of Payment System Management – Musa Jimoh during Channels TV’s “Business Morning” show. He emphasized that the e-naira is a legal tender, should be seen and treated as such and that it should be accepted everywhere by businesses, merchants, etc. “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 said.

The CBN announced the e-naira a few months ago and subsequently released guidelines on how it’ll be operated. E-naira is set to launch on the 1st of October this year, to commemorate Nigeria’s 61st independence anniversary.

The e-naira has received criticisms from experts and the public. Many see the e-naira as the government’s way of filling the void created by the ban on cryptocurrencies. Others think that it is another project that waiting to be abandoned.

According to the CBN, the e-naira will not suffer volatility like cryptocurrencies. It will be stable and equal in value to its physical counterpart. In other words, the e-naira is just a virtual extension of the physical naira. The major reason Nigerians, and crypto enthusiasts store their wealth in cryptocurrencies is because they want to make remittances on their investments, preserve wealth, etc. The e-naira, therefore, does not address the reason why people are crazy about cryptocurrencies, and it has quite a number of limitations as stated in the CBN guidelines.

The CBN launches the e-naira in less than two weeks and adoption promises to be low at first. The apex bank hopes the adoption rates increase with time. To find out more about the e-naira, its feasibility, reality, and what people think of it, click here.

Tags: cbncentral bank of nigeriadigital currencye-Naira
Femi

Femi

Paul Balo is a wireless communications technologist with interests in VoIP and 5G technologies. He leads the writing team at TechBooky

BROWSE BY CATEGORIES

Freshly Squeezed

  • LimeWire’s Unexpected Transformation From Music Piracy To Generative AI September 20, 2023
  • The iPad Is Finally Getting The WhatsApp App – Sort Of September 20, 2023
  • Elon Musk’s Neuralink Gets Green Light For First Human Trial for Brain Implant September 20, 2023
  • iPhone 15 vs. Top Competitors: A Comprehensive Comparison September 19, 2023
  • Elon Musk Says X Is Moving Towards Subscription Fees September 19, 2023
  • Google’s Bard Gets Big Changes, Now Connects To Gmail And Other Services September 19, 2023

RSS More from TechBooky Africa

  • The Best Android Smartwatches of 2023.  September 13, 2023 Eni Emeka
  • “Crypto vs. Taxes” — The Blockchain Association of Kenya Takes on the Government. September 2, 2023 Eni Emeka
  • Chargel Is A Catalyst for Transformation in Cote d’Ivoire’s Energy Landscape. September 2, 2023 Eni Emeka
  • Black Ostrich Ventures’ $20m Equity Funding for Pre-Seed & Other Early-Staged Start-Up Investment Grant. September 1, 2023 Eni Emeka
  • MTN Nigeria Commercial Paper Deal Impact The Gravity Of Adequate Working Capital Equity For Businesses & The Industry. August 31, 2023 Eni Emeka
  • Airtel Uganda Projectile IPO Estimated Worth, Hovers At $215 Million & Above. August 31, 2023 Eni Emeka
  • Bank of Ghana Issued Eganow Operational ePayment Service License, …is Disrupting The Country’s FinTech Industry. August 30, 2023 Eni Emeka
  • Plural AI Opens Shop In South Africa & Nigeria To Track Public Policies. August 30, 2023 Eni Emeka
  • TymeBank is Making Banking More Affordable and Convenient With “Zero Transaction Fee” Via “PayShap” August 30, 2023 Eni Emeka
  • HIGHLIGHTS — Techcrunch Disrupt Equity Battlefield Got Start-ups Pitching Innovative Tech Solutions Per Africa’s Biggest Challenger. August 30, 2023 Eni Emeka

Receive top tech news directly in your inbox

Loading

RSS More from TechBooky Business

  • Instacart’s Strong Nasdaq Debut Sees 12% Stock Surge At Closing Yesterday September 20, 2023 Femi Balo
  • DoorDash To Move Listing from NYSE to Nasdaq September 15, 2023 Femi Balo
  • Arm Holdings Gains Continue On Nasdaq Debut Week September 15, 2023 Femi Balo
  • Oracle Faces Investor Concerns as Q1 Earnings Disappoint September 15, 2023 Femi Balo
  • HP Faces Investor Concerns as Q3 Earnings Fall Short of Expectations September 2, 2023 Femi Balo
  • Klarna Shows Strong Progress Toward Profitability With A 67% Reduction In Losses September 2, 2023 Femi Balo
  • Salesforce Surpasses Expectations With Strong Quarterly Earnings September 2, 2023 Femi Balo
  • OpenAI On Track To Make $1b In Revenue In 12 Months August 30, 2023 Femi Balo
  • BYD’s Remarkable Profit Surge and Electric Vehicle Triumph August 29, 2023 Femi Balo
  • Baidu Reported A Strong Q2 Performance August 29, 2023 Femi Balo

Browse Archives

September 2023
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930  
« Aug    

About Us

TechBooky

TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

Subscribe to TechBooky

Enter your email address to subscribe to TechBooky and receive notifications of new posts by email.

Join 17,656 other subscribers.

Receive top tech news directly in your inbox

Loading

Popular Tags

AI (307) amazon (96) android (304) app (664) Apple (500) artificial intelligence (332) business (419) china (117) cloud (141) cryptocurrency (164) ecommerce (112) enterprise (257) facebook (482) gadget (498) gaming (177) google (579) government (403) guest post (109) instagram (147) internet (387) ios (262) iphone (220) microsoft (282) mobile (321) new feature (329) nigeria (282) privacy (146) research (134) samsung (153) security (387) smartphone (257) social media (716) software (460) startup (272) streaming (149) telecom (159) tips (351) transport (109) twitter (250) united states (205) users (157) videos (116) website (166) whatsapp (136) youtube (110)

Quick Links

  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

RSS African Tech News

  • The Best Android Smartwatches of 2023.  September 13, 2023 Eni Emeka
  • “Crypto vs. Taxes” — The Blockchain Association of Kenya Takes on the Government. September 2, 2023 Eni Emeka
  • Chargel Is A Catalyst for Transformation in Cote d’Ivoire’s Energy Landscape. September 2, 2023 Eni Emeka
  • Black Ostrich Ventures’ $20m Equity Funding for Pre-Seed & Other Early-Staged Start-Up Investment Grant. September 1, 2023 Eni Emeka
  • MTN Nigeria Commercial Paper Deal Impact The Gravity Of Adequate Working Capital Equity For Businesses & The Industry. August 31, 2023 Eni Emeka
  • Airtel Uganda Projectile IPO Estimated Worth, Hovers At $215 Million & Above. August 31, 2023 Eni Emeka
  • Bank of Ghana Issued Eganow Operational ePayment Service License, …is Disrupting The Country’s FinTech Industry. August 30, 2023 Eni Emeka
  • Plural AI Opens Shop In South Africa & Nigeria To Track Public Policies. August 30, 2023 Eni Emeka
  • TymeBank is Making Banking More Affordable and Convenient With “Zero Transaction Fee” Via “PayShap” August 30, 2023 Eni Emeka
  • HIGHLIGHTS — Techcrunch Disrupt Equity Battlefield Got Start-ups Pitching Innovative Tech Solutions Per Africa’s Biggest Challenger. August 30, 2023 Eni Emeka

RSS Business Tech News

  • Instacart’s Strong Nasdaq Debut Sees 12% Stock Surge At Closing Yesterday September 20, 2023 Femi Balo
  • DoorDash To Move Listing from NYSE to Nasdaq September 15, 2023 Femi Balo
  • Arm Holdings Gains Continue On Nasdaq Debut Week September 15, 2023 Femi Balo
  • Oracle Faces Investor Concerns as Q1 Earnings Disappoint September 15, 2023 Femi Balo
  • HP Faces Investor Concerns as Q3 Earnings Fall Short of Expectations September 2, 2023 Femi Balo
  • Klarna Shows Strong Progress Toward Profitability With A 67% Reduction In Losses September 2, 2023 Femi Balo
  • Salesforce Surpasses Expectations With Strong Quarterly Earnings September 2, 2023 Femi Balo
  • OpenAI On Track To Make $1b In Revenue In 12 Months August 30, 2023 Femi Balo
  • BYD’s Remarkable Profit Surge and Electric Vehicle Triumph August 29, 2023 Femi Balo
  • Baidu Reported A Strong Q2 Performance August 29, 2023 Femi Balo

Recent News

LimeWire’s Unexpected Transformation From Music Piracy To Generative AI

LimeWire’s Unexpected Transformation From Music Piracy To Generative AI

September 20, 2023
WhatsApp Will Now Allow Improved Preview For Documents

The iPad Is Finally Getting The WhatsApp App – Sort Of

September 20, 2023
Elon Musk’s Neuralink Gets Green Light For First Human Trial for Brain Implant

Elon Musk’s Neuralink Gets Green Light For First Human Trial for Brain Implant

September 20, 2023
iPhone 15 vs. Top Competitors: A Comprehensive Comparison

iPhone 15 vs. Top Competitors: A Comprehensive Comparison

September 19, 2023
Elon Musk Says X Is Moving Towards Subscription Fees

Elon Musk Says X Is Moving Towards Subscription Fees

September 19, 2023
Google’s Bard Gets Big Changes, Now Connects To Gmail And Other Services

Google’s Bard Gets Big Changes, Now Connects To Gmail And Other Services

September 19, 2023
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact us
  • Privacy Policy
  • Disclaimer
  • Login

© 2021 Design By Tech Booky Elite

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

© 2021 Design By Tech Booky Elite