Following the launching of Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, by President Muhammadu Buhari, on Monday, October 25, here are ten things you should know about the platform.
Things you should know about the 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.
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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. Merchant accounts have access to unlimited transactions. Merchants are duly accredited individuals and non-individual (corporates) authorized to conduct business in Nigeria.
8. eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.
9. Financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.
What is eNaira?
Meanwhile legit.ng has earlier reported that in July, the Central Bank of Nigeria (CBN) released the guidelines on eNaira.
The eNaira will be a non-interest bearing currency and won't serve as a hedge to escape inflation which many have used Bitcoin and Ethereum.
The Central Bank of Nigeria also noted Nigerians won't be charged by the financial institution for the utilisation of the eNaira through POS or the banks.