- October 25, 2021
- Posted by: admin
- Category: Digital Economy, Economy, Latest News
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said 33 Nigerian banks have joined the eNaira platform and it has minted N500 million worth of digital currency, even as the apex bank informed that all transactions conducted on these platforms, will be free for 90 days.
Ememfiele said this at a ceremony to launch Nigeria’s Central Bank Digital Currency on Monday, at the presidential villa, noting that the platform has recorded an influx of users.
He said, ”33 banks are fully integrated and live on the platform, 500 million has been successfully minted by the Bank, N200 million has been issued to financial institutions, over 2,000 customers have been onboarded and over 120 merchants have successfully registered on the eNaira platform”.
The CBN Governor also explained that the eNaira and the physical Naira are the same legal tender and will have the same value which will be accepted anywhere in the country.
”As the tagline simply encapsulates, the eNaira is the same Naira with far more possibilities. The eNaira – like the physical Naira – is a legal tender in Nigeria and a liability of the CBN. The eNaira and Naira will have the same value and will always be exchanged at 1 naira to 1 eNaira,” he added.
Emefiele also added that since the eNaira platform went live, the website it receives over 2.5 million visits daily while pledging that “there would be strict adherence to the Anti-money Laundering and Combating the Financing of Terrorism standards in order to preserve the integrity and stability of Nigeria’s payment system.”
The apex bank has stated further 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 Major General Muhammadu Buhari (retd.) 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.
The apex bank noted on the eNaira website that the app features and reflects brand values centered around ease of use and efficiency while bearing in mind your security.
“We have developed this App with a deeper understanding of customers, what they value, their abilities and also their limitations”, it’s said
Unified Payment System
Customers can now move money from their bank account to their eNaira wallet with ease.
Contactless Payment
Customers can make in-store payment using their eNaira wallet by scanning QR codes.
Bank Account Management
Customers can monitor their eNaira wallet, check balances and view transaction history.
Peer-to-Peer Payment
Allows users to send money to one another through a linked bank account or card.
Same Naira.More Possibilities
The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. Its functionality delivers speedy, safe, and simple trading and transactional opportunities to customers and end-users:
It is exchanged peer to peer.
It is universal – anybody can hold it.
It does not yield any interest.
Other Features
The eNaira is crafted with interesting elements for modern solutions that pay keen attention to details.
Sending/Receiving Money
Customers can now send and receive money faster, easily and at very minimal costs.
Verifying Payments
Customers can verify their payments and look up their transaction history anytime, anywhere.
Financial Institutions Transactions
Intra/inter financial institutions transactions are not only possible, they are faster and cheaper.
Foreign Exchange Transactions
Customers can enjoy speedy transactions across boundaries and a hitch-free foreign exchange.
These are the categories of services expected to be provided for different customers as follows:
1) For Individuals
2) For Financial Institutions
3) For Government
4)For Businesses
5) For NGOs
The Digital Currency has two applications
– eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store today.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
The statement read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.
For frequently asked questions and answers users are advised to visit e-naira website https://www.enaira.gov.ng