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  • Mon. Jan 17th, 2022

eNaira: CBN Provides Guidelines For Operation Of Nigeria’s Digital Currency App

At the aftermath of the launch of the Nigeria Digital Currency, eNaira, it application has been made available for download, well over 5,000 downloads has been recorded within hours of the launch on Monday, 25th October 2021.

In the CBN guidelines it was stated that charges for transactions that originate from the eNaira will be free for the first 90 days begining from the launching date.

It will be noted that at the aftermath of those period, applicable charges by Banks, other Financial and Non-bank Financial Institution will be effective as released in the guideline.

The spreadwallet of eNaira app for individuals had, about 4p.m on Monday, 25th October 2021 seen more than 5,000 downloads with eNaira speed merchant wallet experience close to 1,000 downloads.

Banks will automatically be onboarded by CBN, while merchants will be onboarded once they download the app and individuals will have to onboard themselves, this was released in the regulatory and insurance guidelines.

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

Financial Institutions will be expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

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

“The eNaira branch sub-wallet 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 eNaira (Nigeria Digital Currency App) is created to have two-factor authentication and other measures for security of funds.

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

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

Tier 2 and Tier 3 have daily transaction limits of N200,000 and N1 million and as a N500,000 and N5 million balance limits.

There is no limit for merchants.

The CBN director of Financial Policy and Regulation Department, Mr Chibuzor Efobi signed a circular which state that the eNaira will compliment cash as a less costly , more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittance through the formal channels.

” The guidelines seek to provide simplicity in the operation of the eNarira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion of impact while minimizing inherent risks of disintermediation or any risk of any negative Impact on the financial system,” this was disclosed by NAN.

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