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CBN: Transactions on eNaira platform free for first 90 days

CBN: Transactions on eNaira platform free for first 90 days
October 26
10:22 2021

The Central Bank of Nigeria (CBN) says transactions on the eNaira platform will be free for the first 90 days, commencing from October 25, 2021.

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The apex bank made this known in a document, titled ‘eNaira Circular and Guidelines’, released on Monday.

According to the apex bank, after the grace period of 90 days, applicable charges will become effective.

Less than 24 hours after President Muhamadu Buhari launched the eNaira platform, the speed wallet app has been downloaded 50,000 times while the speed merchant wallet has more than 5,000 downloads.

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According to the CBN guidelines, there would be different wallets and transaction limits for different users.

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira,” the guideline reads.

“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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“The eNaira branch sub wallet shall be funded from the treasury eNaira wallet.

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

To ensure the security of funds, the apex bank said eNaira will have two-factor authentication, among other measures.

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