Transaction Charges On eNaira Platform: All You Need To Know
Faith Ukanwa
Oct 26, 2021
Following the official launch of the eNaira App, the Central Bank of Nigeria has released guidelines on transaction charges.
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President Muhammadu Buhari had on Monday, October 25, 2020 launched the Central Bank Digital Currency (CBDC) also known as the eNaira.
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Guidelines released by the CBN for financial transactions on the eNaira platform include;
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1 - The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021.
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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.
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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.
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6 - The Tier 3 account holder can transact a maximum of N1m daily, while the Maximum balance it can hold is N5m.
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7 - Merchant accounts have access to unlimited transactions. Merchants are duly accredited individuals and non-individual (Corporate Bodies) authorized to conduct business in Nigeria.
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8 - eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.
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8 - financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.
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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.
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10 - To ensure security of funds, the eNaira has two-factor authentication and other measures.
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— Faith Ukanwa