CBN releases guidelines for eNaira

By AdvocateNews on 25/10/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 510


Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download.

CBN said the applications has received more than 5,000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from Oct. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speedwallet app meant for individuals had, as at 4.pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

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

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“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 security of funds, the enaira is expected to have two-factor authentication and other measures.

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

Tier1 category, which has 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 while merchants have no limit.

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve 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 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,” the statement reads in part.

Posted 25/10/2021 11:23:03 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Scores injured, cars vandalised, as APC, ADC supporters...

Coronavirus: Work from home, Fayemi tells Ekiti civil...

Spain death toll hits 4,858 as 769 die...

Attack on NDA won’t deter military from ending...

APC Primaries In Enugu A Charade – Osita...

NDLEA seizes 34,950 Tramadol, Diazepam capsules meant for...

2019 Election: PDP attacks Buhari over comment on...

Anambra 2021: PDP Inaugurates High-Powered National Campaign Council...

SEEDS OF DESTINY 06 JUNE 2021 - KEY...

Enugu seeks constitution amendments that will enhance Nigeria’s...

Naira Marley''s trial stalled

Nnamdi Kanu's mother dies in Germany

 

Latest News 2023: Okorocha writes Senate, declares for Presidency ENUGU 2023: Why Nwobodo, Nnamani, Onyia support Nkanu-East 2023: Enugu Gov Ugwuanyi will choose successor - Sen Nnamani Reject report of Enugu Judicial Panel on Police Brutality, member urges Gov. Ugwuanyi Wife of popular hotel owner allegedly drugs, stabs him to death Police declare 21 wanted over murder of Anambra traditional ruler, abduction Ex-Kogi Poly Bursar, Dr. Adamu to be buried January 29 Infidelity: Gospel singer Sammie Okposo tenders public apology, suspends self from ministry Mercy Aigbe gives new husband three hot romantic names Fuel subsidy: NLC suspends planned nationwide protests Ebonyi govt declares fmr. Reps member wanted over statement on facebook 2023: Don’t elect people above 70 as president – Makinde warns Nigerians

 

Most Read FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (264,683 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (264,682 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (264,681 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (264,680 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (264,678 views) Sickle cell support group seeks government intervention (264,676 views) Ebonyi bans embalming of corpses in homes (264,676 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (264,676 views) ASUU strike: Senate intervention ends in deadlock (257,469 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (256,385 views) All you need to know about Peter Obi, PDP VP Candidate (198,419 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (196,787 views)

 

 

SECTIONS FAITH (158) EDITORIAL (21) NEWS (7,874) POLITICS (499) SOCIETY (133) SPORTS (62) BUSINESS (376) HEALTH (60) EDUCATION (51) ENTERTAINMENT (58) INTERNATIONAL (188) TECHNOLOGY (6) COLUMNISTS (57) LETTERS (4) OPINION (42)

 

 


There are no video entries posted yet.