CBN Releases Guidelines For E-Naira

CBN has released the official guidelines of the E-Naira cash that was released some days ago.

The CBN has stated that the application has received more than 5,000 downloads within hours of the launch.

The E-Naira is expected to contain two-factor authentication and other security features to secure the safety of cash. The CBN released a statement about the guidelines concerning the E-naira.
Meanwhile, Tier 0, which is only a phone number without a validated National Identity Number, has a daily transaction limit of N20,00 and a balance limit of N120,000.

Tier 1, which has a verified number, has a transaction limit of N50,000 and a balance limit of N300,000.

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Tiers 2 and 3 have daily transaction limits of N200,000 and N1 million, respectively, as well as balance limits of N500,000 and N5 million, respectively, whilst merchants have no limit.

The statement reads in part: “Financial Institutions (FI) may create E-Naira sub-treasury wallets for branches tied to it and fund them from its single E-Naira treasury wallet with the CBN and FI may create E-Naira branch sub-wallets for its branches.

“The E-Naira branch subwallet shall be funded from the treasury E-Naira wallet.

“E-Naira Merchant speed wallets shall be used solely for receiving and making E-Naira payments for goods and services. E-Naira speed wallets shall be available for end users to transact on the E-Naira platform.”

“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 E-Naira, 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,”