The Central Bank of Nigeria has released guidelines on charges on eNaira platform.
This is after the launch of the application for the digital currency by the President Muhamadu Buhari , on Monday.
Here are ten 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.
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) authorised to conduct business in Nigeria.
8 – eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.
8 – financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.
9 – 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.
10 – To ensure security of funds, the eNaira has two-factor authentication and other measures.