The Central Bank of Nigeria has said that all transactions
conducted on the newly launched digital currency platform, eNaira will be free
for 90 days.
The bank, however, stated that it will revert to its guide
on applicable charges by banks and other financial and non-financial
institutions at the end of the stated period.
The apex bank disclosed this in the framework titled,
‘eNaira Circular and Guidelines’ released on Monday.’
The news is coming after President Muhammadu
Buhari launched the currency in Abuja on Monday.
The CBN said, “The charges for transactions that originate
from the eNaira platform shall be free for the first 90 days commencing from
October 25, 2021, and then revert to applicable charges as outlined in the
Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.”
The apex bank noted that 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.
The bank also said 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.
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.
Tier Two accounts will have access to a daily transaction of
N200,000, while N500,000 is the maximum balance that can be held.
The Tier 3 account holder can transact a maximum of N1m
daily, while the Maximum balance it can hold is N5m.
However, the CBN noted that merchant accounts have access to
unlimited transactions.
According to the Bank, merchants are duly accredited
individuals and non-individual (corporates) authorized to conduct business in
Nigeria.
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