Nigerian Eye

CBN warns Nigerian businesses - " You must accept E-Naira"

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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.
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The CBN Director, Payment System Management, Mr. Musa Jimoh, said this during an interview on the ‘Business Morning’ programme on Channels Television on Monday.
 
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.
 
On whether Nigeria was ripe for the e-naira due to the technological challenges in the country, Jimoh said he didn’t expect it to be a major problem.
 
He added, “E-naira is a journey. We don’t expect that on October 1, all business merchants in Nigeria will accept it. We don’t even expect that come October 1, all Nigerians will have e-naira. It is a journey. It will continue to grow.
“Remember there was a time in this country when you had to practically beg business outlets, merchants and others to accept POS transactions. But we have come to a point where traders now beg for POS terminals.
The CBN director added that 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.
On why the CBN chose a foreign firm instead of a Financial Technology company in Nigeria, Jimoh said it had to do with capacity.
 
He said Bitt Inc which will handle the project, had done similar projects for other countries and already had the capacity and experience.
 
Jimoh added that the company would be registered and managed in part by Nigerians while the technological aspect would be handled by the foreign arm.
 
The CBN director stated, “The CBN digital currency is not what every country has implemented. We are blazing the trail in Africa. Nigeria is the only country in Africa that is doing it. And so many advanced countries are not doing it. You can only talk of China and the Bahamas that have tried to do something serious on central bank digital currency.
 
“So, the technology is not everywhere you need to be very sure. You cannot use Nigeria as a testing ground and say oh if it works, well, if it doesn’t work. You have to use entities that have actually done it, that are sure of it.
“What we did is to partner with an entity that has done it, that has that experience because we know that eventually the system is going to run in Nigeria. So, we also want to domicile some responsibilities here. So, the arrangement is such that you are going to have a Nigerian incorporated company, Bitt Nigeria, which will basically be running the system.”

Latest-News CBN warns Nigerian businesses - " You must accept E-Naira"

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 th...

FIFA 22 Is On Its Way - Here Are Their Highest-Rated Premier League Stars

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New LASU VC Ibiyemi Olatunji-Bello assumes duty

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Following her appointment as the ninth substantive vice-chancellor of the Lagos State University, Prof. Ibiyemi Olatunji-Bello has assumed duty on Monday, September 20.
She was received by the acting Vice-Chancellor, Oyedamola Oke, members of staff, and students at the university’s six storey Senate Building where she will hold sway for the next five years
Friends and well-wishers also received her with colourful banners, with some singing to express their joy over her resumption.
Upon her arrival at the entrance of the senate building, she was led into the VC’s office where a short prayer was held.
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In a short statement titled, ‘New VC, Prof. Ibiyemi Olatunji-Bello, mni resumes office this morning’, by the LASU’s Public Relations Unit, the new VC’s entry was described as “gallantry”.
“After months of heightened expectations by stakeholders, the Governor of Lagos State and Visitor to the University, Mr. Babajide Sanwo-Olu on Thursday, appointed former Acting Vice Chancellor, Prof. Ibiyemi Olatunji-Bello, mni 9th Substantive Vice Chancellor of Lagos State University to wide applause from all and sundry.
“This morning, the Prof. Of Physiology makes a gallant entry into the scenic main campus of the university, no longer as Director, LASUDA, but as the Vice Chancellor of the 37-year-old institution,” the statement read.
She is the second female to occupy the exalted post in the Lagos State-owned tertiary institution.
Ibiyemi, a Professor of Physiology, had served as Acting Vice-Chancellor of the institution before her appointment
The 57-year-old academic was born on April 23, 1964, in Lagos.
She assumed duty as the First Professor of Physiology in LASU College of Medicine on the 2nd of October 2007 after rising through the ranks from Assistant Lecturer (1988 to 1991) to Associate Professor in 2005 at the College of Medicine, University of Lagos, Idi-Araba.

Latest-News New LASU VC Ibiyemi Olatunji-Bello assumes duty

Following her appointment as the ninth substantive vice-chancellor of the Lagos State University, Prof. Ibiyemi Olatunji-Bello has assumed...

Orji Kalu vs EFCC: Justice Ekwo delivers verdict on retrial today

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Justice Inyang Eden Ekwo of the Federal High Court in Abuja, will deliver judgment today on whether the EFCC can retry, former governor, now Senator Orji Uzor Kalu.
Ekwo fixed judgment date 2 July after Kalu and EFCC adopted all processes filed for and against the suit.
Kalu is seeking to stop his retrial in the N7.1bn money laundering charges on the ground that he had been tried, convicted and imprisoned on the strength of the same charge.
Professor Awa Kalu SAN, his counsel informed the court that Kalu stood for trial for 12 years and got a judgment that convicted and jailed him for 10 years.
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The senior counsel cited section 36 (9) of the 1999 constitution which stipulates that no Nigerian shall be subjected to double jeopardy to support his arguments.
The EFCC through its counsel, Mr Rotimi Jacobs SAN, asked the court to dismiss the suit with anger.
He submitted that the judgment which led to the release of Kalu has been declared a nullity by the Supreme Court which also ordered retrial of the appellant in the matter, Mr Udeh Jones who stood trial along with Kalu in the same charges.
EFCC had argued that since the Supreme Court order benefitted Kalu, he must bear the burden that arose from the apex court verdict.
Jacobs described Kalu’s suit as approbating and reprobating at the same time, frivolous, irritating and sought for its dismissal with order on Kalu to face retrial.