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eNaira: CBN Issues Guidelines For Newly Launched Digital Currency

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eNaira

Crystal News earlier reported that President Muhamadu Buhari has launched controversial digital currency, eNaira introduced by the CBN.

This online news platform understands that the eNaira has become available for download, with more than 5000 downloads within hours of the launch.

Following the launch, apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the e-Naira platform will be free in the first 90 days commencing from October. 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 speed wallet app meant for individuals had, as of 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.

eNaira: CBN Issues Guidelines For Newly Launched Digital Currency

“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 e-Naira wallet to warehouse eNaira received from the CBN e-Naira 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 e-Naira branch sub wallet 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 e-Naira platform.”

To ensure the 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 a phone number without a verified National Identity Number, were 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 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 e-Naira 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 an alternative less costly channel for the 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 the low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” it reads in part.

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Politics

2023: I Will Not Impose My Successor On Rivers — Wike

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Governor Nyesom Wike of Rivers on Thursday said he would not impose any governorship aspirant of his choice on the people of Rivers come 2023.

Wike gave the assurance in a statement issued by Mr. Kelvin Ebiri, his Special Assistant on Media, in Port Harcourt.

He assured that the leadership of the party would meet to decide who to support at the appropriate time.

Wike however said that he is obliged to ensure that Peoples Democratic Party (PDP) wins the 2023 governorship election in Rivers.

“One mistake I will not make is to impose somebody. From my experience as a student of history, reality has shown that it is difficult for you to say Joseph is the man I can trust.

”Until you give somebody power and money, that is only when you will know whether that person is trustworthy or not,” he said.

Wike stated that God would not allow someone who will destroy all the remarkable progress the state had made over the years to be the next governor.

”God will ensure that it is only someone who is courageous, firm and ready to protect the interest of Rivers that will succeed me.

“Rivers is a state that so many people have an interest in. It is a state that you have to put your feet on the ground. It is a state that you have to annoy a lot of Nigerians and a lot of Nigerians will hate you.

“But what is important is for you to know is what is good for your people and stand for your people. Do not allow personal interest to sway you against the interest of your people,” Wike stated.

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VIDEO: Moment Obi Cubana Met Wizkid Backstage At London Show

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Wizkid

Obinna Iyiegbu popularly known as Obi Cubana, a Nigerian entrepreneur, and businessman who chairs the Obi Cubana group of companies showed up at the O2 Arena in London venue of the talked about, a sold-out concert by Ayodeji Ibrahim Balogun, known as Wizkid.

Cubana like many other notable Nigerians was in attendance to support one of Nigeria’s most successful artists who kicked off the beginning of his O2 arena concert as he treated his 20,000 fans with premium entertainment for three nights in a roll.

On the first night, he had on stage with him other artistes like American Superstar Chris Brown. He also brought hitmaker Tems, Buju with the Golden Voice, British Singer Ella Mai, and British rapper Skepta who all featured in his ‘Made In Lagos’ album, as he performed songs from there.

The Popular socialite and businessman, who had shared a video of himself and Wizkid after his third night show at the O2 Arena, London wrote on his page, “Proud of you #wizkidayo“

Watch Video Below;

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Former Senate President Joseph Wayas Is Dead

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Joseph Wayas

Former Senate President in the Second Republic, Joseph Wayas is dead.

The death of Joseph Wayas, was announced by Governor Ben Ayade’s spokesman, Christian Ita on Thursday.

According to the governor, Joseph Wayas gave up the ghost in the early hours of Tuesday in a London hospital.

Ayade said the late politician has left a lasting legacy that will be remembered for a long time, describing the death of the 80-year-old as a monumental loss to the state and Nigeria.

He, however, condoled with the family of Wayas and said his death is a “collective loss and the pains a shared one”.

The statement reads: “As a state, Cross River is in pains as we mourn the passing of our illustrious son. He was a rare gem. Dr Wayas’ demise is indeed a monumental loss to our dear state and Nigeria,” Ayade was quoted as saying.

“As Senate President, Dr Wayas contributed to the deepening of Nigeria’s democratic ethos through his robust and vibrant leadership of the upper legislative chamber.

“And since his retirement from active politics, the former Senate President had been playing a fatherly and stabilising role in the politics and affairs of our state.”

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