CBN releases guidelines for eNaira digital currency

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from October 25.


eNaira [Photo: bitcoinist]
Following the launch of the eNaira, the application for the digital currency introduced by the CBN has become available for download, with more than 5000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from October 25.

After this period, applicable charges as outlined in the guide to charges by banks, other financial and non-bank financial institutions will become effective.

The eNaira speedwallet app meant for individuals had as at 4:00 p.m., seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The eNaira branch subwallet shall be funded from the treasury eNaira wallet.


“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end-users to transact on the eNaira platform,” the guide stated.

To ensure the security of funds, the eNaira is expected to have two-factor authentication and other measures.

Meanwhile, daily transaction limits for Tier 0, which is just phone number without a verified National Identity Number, was set at N20,00 with a balance limit of N120,000.

Tier 1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier 2 and Tier 3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

According to the CBN, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.


You might also like

Leave A Reply

Your email address will not be published.

  1. BradleyNut says

    generic ivermectin ivermectin 1% cream generic
    ivermectin 4

  2. Johnnierex says

    ivermectin topical buy ivermectin – ivermectin otc

  3. Johnnierex says

    ivermectin buy nz stromectol for sale – ivermectin 3mg tablets

  4. Rodneyscope says

    ed prescription drugs buy prescription drugs online legally – prescription meds without the prescriptions

  5. Rodneyscope says

    india pharmacy online pharmacies in india – cheap generic drugs from india

  6. Rodneyscope says

    mail order pharmacy canada pharmacy safedrg – online pharmacy delivery dubai

  7. Rodneyscope says

    dog antibiotics without vet prescription pet antibiotics without vet prescription – prescription meds without the prescriptions

  8. Rodneyscope says

    sildenafil without a doctor’s prescription sildenafil without a doctor’s prescription – prescription drugs without doctor approval

  9. Rodneyscope says

    ivermectin 1% cream generic stromectol drg – ivermectin 500mg

  10. ClintonRoalk says

    zithromax 250 generic zithromax – how much is zithromax 250 mg

  11. ClintonRoalk says

    hydroxychloroquine sulfate 200mg tablet plaquenil over the counter – hydroxychloroquine 5 mg

  12. ClintonRoalk says

    prednisone daily prednisone 50 mg tablet cost – prednisone 40 mg

  13. ClintonRoalk says

    plaquenil cost in india plaquenil over the counter – plaquenil 400 mg daily cost

  14. ClintonRoalk says

    non prescription prednisone 20mg prednisone 10mg for sale – prednisone capsules

  15. DavidMycle says

    cialis for sale shop cialis

  16. DavidMycle says

    where to buy generic cialis? is there a generic form of cialis

  17. Jerrygrige says

    generic stromectol ivermectin stromectol

  18. Jerrygrige says
  19. Andresef says

    canadian viagra buy viagra

  20. Andresef says

    viagra pills viagra online

  21. Andresef says

    cheap viagra viagra for sale

  22. Andresef says

    hydroxychloroquine prices buy zentiva hydroxychloroquine

  23. Andresef says

    generic viagra without a doctor prescription generic viagra

  24. Andresef says

    hydroxychloroquine name brand generic for plaquenil

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More