Categories: NewsNigeria News

10 Things To Know About Charges On eNaira Platform

The Central Bank of Nigeria has released guidelines on charges on eNaira platform.

This is after the launch of the application for the digital currency by President General Muhamadu Buhari on Monday.

Here are ten things you should know about the platform

1 – The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021.

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.

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.

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.

6 – The Tier 3 account holder can transact a maximum of N1m daily, while the Maximum balance it can hold is N5m.

7 – Merchant accounts have access to unlimited transactions. Merchants are duly accredited individuals and non-individual (corporates) authorised to conduct business in Nigeria.

8 – eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.

8 – financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

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.

10 – To ensure security of funds, the eNaira has two-factor authentication and other measures.

Angela Davies

Recent Posts

Fidelity Bank To Give Out N159 Million In GAIM 6 Promo

Fidelity Bank is set to give out N159 million in its GAIM 6 promo.  …

2 hours ago

Zenith Tech Fair 4.0 Concludes With Hackathon Winners Receiving N77.5M In Cash Prizes

Zenith Tech Fair 4.0 has concluded, with hackathon winners receiving N77.5M in cash prizes.   Glamtush…

5 hours ago

PHOTOS: Davido Receives Luxury Car From Auto Firm For 32nd Birthday

Davido has received a luxury car from an auto firm for his 32nd birthday.  …

1 day ago

VIDEO: How Primate Ayodele Foretold Simon Ekpa’s Arrest In 2023

Simon Ekpa, a Finnish-Nigerian separatist agitator and self-proclaimed Prime Minister of the Biafra Republic Government…

1 day ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

Accuses detractors of peddling news of alleged governorship ambition.   Speaker of the Lagos State…

1 day ago

Simon Ekpa, Four Others Arrested In Finland Over Terrorism Activities

Simon Ekpa and four others have been arrested in Finland over terrorism activities.   Glamtush…

1 day ago