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.
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