The Central Bank of Nigeria (CBN) on Monday, October 25, released regulatory guidelines for the seamless operation of the eNaira, a digital currency of the physical Naira.
Chibuzo Efobi, the CBN’s director financial policy and regulation department who made 14-page guidelines available said they had become effective from Monday, October 25.
Here are seven things you should know about eNaira platform
1. The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021.
2. Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, a N50 charge is associated.
3. Phone numbers without verified National Identification Number (Tier 0) will have a daily transaction limit of N20,000, while the maximum that the account can hold is N120,000.
4. For phone numbers with verified NIN or Tier 1, CBN said they have a daily transaction cap of N50,000 and a maximum balance of N300,000.
5. Tier Two accounts will have access to a daily transaction of N200,000, while N500,000 is the maximum balance that can be held.
6. The Tier 3 account holder can transact a maximum of N1m daily, while the Maximum balance it can hold is N5m.
7. eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.