Central Bank of Nigeria releases guidelines for Digital Currency E- naira.

Written by on October 26, 2021

The Central Bank of Nigeria has said that all transactions conducted on the newly launched digital currency platform, eNaira will be free for 90 days.

The bank, however, stated that it will revert to its guide on applicable charges by banks and other financial and non-financial institutions at the end of the stated period.

The apex bank noted that Electronic Funds Transfer below 5,000 naira is charged 10 naira; 5,001 naira – 50,000 naira is charged 25 naira and for above 50,000 naira a 50-naira charge is associated.

The bank also said phone numbers without verified National Identification Number (Tier 0) will have a daily transaction limit of 20,000 naira while the maximum that the account can hold is 120,000 naira.

For phone numbers with verified NIN or Tier 1, CBN said they have a daily transaction cap of 50,000 naira and a maximum balance of 300,000 naira.

Tier Two accounts will have access to a daily transaction of 200,000 naira while 500,000 naira is the maximum balance that can be held.

The Tier 3 account holder can transact a maximum of 1 million naira daily, while the Maximum balance it can hold is 5 million naira.

However, the CBN noted that merchant accounts have access to unlimited transactions.

Seun Fakorede

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