What You Should Know About eNaira Platform

eNaira is here to stay and as such it is expedient to be privy to necessary information to make transaction through its platform seamless.

(Left) President Buhari at the launch of eNaira on Monday

According to the Central Bank of Nigeria, there are ten major benchmarks which will serve as guidelines while transacting on the eNaira platform.

Here is what you should note going forward with eNaira launch as an acceptable digital currency;

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.

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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) authorized 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.

The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. It serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.