Transactions on eNaira free for 90 days – CBN

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eNaira

The Central Bank of Nigeria, CBN, has said that all transactions executed on digital currency platform, eNaira, will be free for next 90 days.

The apex bank said after the 90-day period applicable charges by banks and other financial and non-financial institutions will be implemented.

The CBN made this disclosure when it was outlining the framework for eNaira titled, “eNaira Circular and Guidelines” released shortly after President Muhammadu Buhari launched the digital currency in Abuja.

“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 CBN said in its circular.

President Muhammadu Buhari unveiling the eNaira in Abuja on Monday
President Muhammadu Buhari unveiling the eNaira in Abuja on Monday

It 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 CBN, merchants are duly accredited individuals and non-individual (corporates) authorized to conduct business in Nigeria.