Guidelines Towards The Use Of The eNaira



The Central Bank of Nigeria has put forward certain guidelines to facilitate the use of eNaira, which its says has gotten about 5,000 downloads during the few hours of its launch.

The regulated guideline says transactions charges for transactions on the platform will be free between the first 90 days of its use commencing from the day it was launched after which applicable charges will become effective.

Also, banks are automatically onboard by the CBN while users will be on board once they download the app in which they will have to on board themselves.

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

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.”

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

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

Tier1 category, which is achieved with a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits respectively while merchants have no limit.

According to CBN, the move will complement cash as a less costly channel for collection of government revenues and boost remittals through frontal channels and equally boost monetary policy effectiveness enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

The statement further read; “The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,”

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