CBN Makes Transactions On eNaira Platform Free For 90 Days

The Central Bank of Nigeria has made transactions originating from the newly launched digital currency platform, eNaira free for 90 days.

But the bank said it will revert to its guide to charges by banks and other financial and non financial institutions.

The apex bank disclosed this in the framework titled, ‘eNaira Circular and Guidelines’ released on Monday.’

The news is coming after President Muhammadu Buhari launched the currency in Abuja on Monday.

The CBN said, “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.”

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 NIN (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.

But the CBN said merchant accounts have access to unlimited transactions.

CBN described merchants as duly accredited individuals and non-individual (corporates) authorized to conduct business in Nigeria.