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.
