BrandArena: CBN eNaira: 10 Things to Know About Nigeria's Digital Currency

Sunday 31 October 2021

CBN eNaira: 10 Things to Know About Nigeria's Digital Currency

The unveiling of the eNaira by the Central Bank of Nigeria (CBN) is no longer news. The fact that Nigeria is the first African government to create a digital currency is noteworthy. This being stated, there are many things you should know about the eNaira, and this post will highlight some of them.

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.

7. Merchant accounts have access to unlimited transactions. Merchants are duly accredited individuals and non-individual (corporates) authorised to conduct business in Nigeria.

8. Financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet. 

9. The eNaira uses two-factor authentication and other security features to keep payments safe. 

10. One of the advantages of the e-naira is that it promotes financial inclusion.

The eNaira app is now available on Google Play and the Apple App Store. It has been downloaded over 100,000 times on the former. It would only be a matter of time before we find out whether Nigerians will accept the eNaira.

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