10 things you should know about eNaira charges

Nigeria’s central bank (CBN) has released guidelines on charges on the recently launched eNaira platform.

The digital currency was on Monday launched by President Muhamadu Buhari in Abuja after suffering an initial postponement.

Ten things you should know about the charges on the eNaira 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.

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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.