As announced during the weekend, the statehouse in Abuja after a brief ceremony has successfully launched the much-awaited e-Naira digital currency powered by the Central Bank of Nigeria.
In an event witnessed by President Buhari, the e-Naira is launched alongside 90 days of free transactions on the digital currency platform. The free window period supported by a framework titled, ‘eNaira Circular and Guidelines’ released on Monday is to double as a perk for onboarding more users.
However, after the free 90-day period, the apex bank has made it clear that the currency will fall back to its guide on applicable charges by banks and other financial and non-financial institutions at the end of the stated period.
Guidelines for e-Naira
- Electronic Funds Transfer below ₦5,000 is charged ₦10; ₦5,001 – ₦50,000 is charged₦and for above ₦50,000, a ₦50 charge is associated.
- For phone numbers with verified NIN or Tier 1, a daily transaction cap of ₦50,000 and a maximum balance of ₦300,000 is applicable.
- Tier Two accounts will have access to a daily transaction of ₦200,000, while ₦500,000 is the maximum balance that can be held.
- The Tier 3 account holder can transact a maximum of ₦1m daily, while the Maximum balance it can hold is ₦5m.
- Merchant accounts have access to unlimited transactions.
- Merchants are duly accredited individuals and non-individual (corporates) authorized to conduct business in Nigeria.
What CBN is saying
“The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021, and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.”