eNaira: Merchants To Enjoy 50% Service Charge Reduction -CBN

Merchants of the Central Bank of Nigeria’s (CBN), digital currency (eNaira), have been told that they will start enjoying a 50% reduction in service charges on transaction conducted via the eNaira platform.

This was disclosed by the Deputy Governor of the CBN on Economic Policies, Dr. Kingsley Obiora, during the onboarding of merchants on the platform at the weekend.

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The Deputy Governor of the CBN, said the purpose of this incentive is to encourage Nigerians adopt the platform for transaction.

Obiora, encouraged business owners to quickly take advantage of the opportunity that is been presented to them via the eNaira to improve cash management and make significant savings in operating costs.

He appealed to particularly to owners of petrol stations, supermarkets, those in e-Commerce, and other businesses.

According to him the platform has so many opportunities for increasing business income as the availability of the eNaira payment option on e-Commerce merchant platforms such as Remita is expected to complement the existing digital payment system, translating to about a 50% increment in e-commerce transactions and at a lower cost.

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“Also, the implementation of cross-border transactions in phase 3 of the eNaira project is expected to increase cross-border trade by about 30%. Furthermore, the lower transaction cost is expected to increase the usage (transaction volume and value) of eNaira and improve income generation by businesses.”

The eNaira is a liability of the CBN that uses the same blockchain technology as the Bitcoin or Ethereum and can be stored in digital wallets used for payment transactions like the other two. It can be transferred digitally and at virtually no cost to anyone in the world with an eNaira wallet.

The eNaira has been incorporated with stringent access right controls by the CBN. Note that it is not a financial asset in itself, but a digital form of a national currency that draws its value from the physical naira, to which it is pegged at parity.


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