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Central Bank Of Nigeria to launch its eNaira Digital Currency on Monday
Central Bank of Nigeria to launch its ENaira on Monday, the launch was earlier slated for 0ctober 1st to 4th but was stalled because of the country’s 61st independence day celebration.
The eNaira, which is meant to complement rather than replace the actual Naira, will “make financial transactions easier and frictionless for every strata of society,” according to CBN.
Nigerian financial regulators have struggled to keep up with the growing popularity of Bitcoin in the country. Nigeria prohibited cryptocurrency transactions in the banking sector in February and announced plans to establish the eNaira four months later.
According to the CBN website, the eNaira will be accompanied with a CBN-approved wallet that users may either link to their bank accounts or pay as they go with a prepay option.
CENTRAL BANK NIGERIA HAS THIS TO SAY ON THE ENAIRA ON THEIR WEBSITE
Your eNaira wallet offers a great way of making purchases with retailers on-site, transferring or sending money while tracking rewards programs. You can link the e-wallet to your bank account or pay as you go with a prepay option. In addition, the embedded security token system makes your information unreadable to fraudsters because tokens are randomly generated every time you make a payment.
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.
- Download the eNaira app.
- Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
- Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
- Minimum ID is validated.
- You receive an email to activate your wallet.
- Log in to account
- Tier Zero – Customers without Existing Bank Account and without Verified NIN
- Minimum Account Opening Requirement: Phone Number
- Daily Transaction Limit: N20,000
- Maximum Cumulative Daily Balance: N120,000
- Tier One – Customers without Existing Bank Account
- Minimum Account Opening Requirement: NIN
- Daily Transaction Limit: N50,000
- Maximum Cumulative Daily Balance: N300,000
- Tier Two – Customers With Minimal Spending Abilities
- Minimum Account Opening Requirement: BVN
- Daily Transaction Limit: N200,000
- Maximum Cumulative Balance: N500,000
- Tier Three – Customers With Regular Spending Abilities
- Minimum Account Opening Requirement: BVN
- Daily Transaction Limit: N1,000,000
- Maximum Cumulative Balance: N5,000,000
FOR BUSINESS
- Merchant downloads eNaira Mobile App.
- Enters invitation code from bank and validates it.
- Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
- Enter your TIN (Tax Identification Number).
- TIN is verified, enter other identification details (i.e., email, password, Business Category, Legal Business Name).
- Financial Institutions verifies application.
- eNaira wallet created and activated.
- Merchant and Financial institutions receive a notification.
THE 4TH CUSTOMER TIER(THE Merchant/Business Tier)
- Tier Four – Customers with regular spending abilities
- Minimum Account Opening Requirement: Full KYC as stipulated in the CBN’s AML/CFT Regulations
- Daily Transaction Limit: N1,000,000
- Maximum Cumulative Balance: Unlimited
FOR GOVERNMENT MDAs
MDAs enrolling on eNaira Wallet
- MDA Downloads App.
- Login with MD code.
- Enter account (TSA/T24 Account).
- eNaira wallet created awaiting verification from CBN.
- CBN verify and notify MDA.
- MDA proceed to top up.
