The Central of Nigeria Digital Currency, eNaira was recently launched by President Muhammadu Buhari. The app which has been downloaded 100,000 times is live on Google Play and Apple Store. With just 8.5MB, you can also download the eNaira app.
This said, there are certain things you need to about Nigeria’s digital currency. We share some of them.
- eNaira charges shall be free for the first 90 days commencing from October 25, 2021. Afterwards, Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, N50 will be charged.
- 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. For phone numbers with verified NIN or Tier 1, they have a daily transaction cap of N50,000 and a maximum balance of N300,000. Tier Two accounts will have access to a daily transaction of N200,000, while N500,000 is the maximum balance that can be held. The Tier 3 account holder can transact a maximum of N1m daily, while the Maximum balance it can hold is N5m.
- Merchant accounts have access to unlimited transactions. Merchants are duly accredited individuals and non-individual (corporates) authorised to conduct business in Nigeria.
- eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.
- Financial institutions will maintain one treasury wallet to hold the digital currency received from the CBN stock wallet.
- Financial Institutions may create sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the Central Bank of Nigeria and Financial Institutions may create eNaira branch sub-wallets for its branches.