Breaking: CBN drafts guidelines to Nigerian banks on e-Naira

The CBN recently sent a presentation to Nigerian banks about the eNaira project, revealing more details about its design and operational module. As seen by Nairametrics, the presentation described how the new currency would be designed and operated.

In fact, the report states that the e-Naira is a legal tender for the entire country. The report also mentions that it will have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.

Participants in the e-Naira program are featured in five stages, including:

Monetary Authority Suite; The Central Bank will be handing the first product component that includes issue, distribute, redeem and destroy the currency. Store data on a cloud server, monitor and analyse currency transactions.

Financial Institution Suite; licensed financial institution will be able to request currency or issue stablecoins, manage digital currency across branches, KYC, identify and AML compliance capability.

eGovernment Suite; the government will b able to efficiently process digital payments sent to and received from citizens and businesses.

Merchants will provide low-cost payment and business management software, POS, remote payment solutions, online capabilities, transaction analysis and reconciliation.

Retail Consumer Suite; features user-centred designs for a great user experience. The architecture will be expandable to enable innovation; features advanced privacy and security.

Consequently, the proposed transaction cost for the e-Naira wallet was also outlined by the Nigerian Central Bank.

The digital currency infrastructure does not charge for user-to-merchant transactions and P2P wallet transactions.

It shall be the responsibility of Nigerian banks to promote and market the centrally issued digital currency as a cash alternative to existing and potential customers in support of the Nigerian apex bank’s goal for financial inclusion.

In order to catalyse the adoption of the e-naira, banks will facilitate onboarding and provide world-class customer service.

Nigerian banks will be allowed to invite all their customers to register for the e-Naira. Besides pre-generated codes, the banks can send invitation codes for onboarding to a specific list of selected customers. Onboarding will be done for customers who have a code assigned by their banks. The banks have already validated and verified these customers.

Moreover, the Central Bank stated the wallet provided by its institution was merely a stop-gap measure for meeting the deadline, given that banks and other licensed operators may provide their own wallets since it didn’t intend to compete against the banks.

As part of the digital currency initiative, Nigeria’s central bank has made clear that NIBSS and other switching platforms will still be relevant, existing infrastructure can be integrated and leveraged in the e-Naira implementation.

As a National Critical Infrastructure, the e-naira system will be subject to comprehensive security checks, all data and personally identifiable information (PII) will be kept off the ledger and will not be stored on the ledger.

https://nairametrics.com/2021/08/29/cbn-drafts-guidelines-to-nigerian-banks-on-e-naira/

I actually did a presentation on this to the Nigerian Mint & Print last year , E naira driven on Block chain tech

FarahAideed:
I actually did a presentation on this to the Nigerian Mint & Print last year , E naira driven on Block chain tech

Exactly on blockchain technology, my concern is will 1 e-Naira = 1 Naira?It will make much sense if it has more value than the regular Naira.


Update on the e-Naira 30th August,2021.


e-Naira: CBN sets N50,000 maximum transfer limits for non-account holders

The detailed presentation sent to Nigerian banks on the e-Naira project mentioned that it will have a transaction limit for customers, non-interest-bearing CBDC status, and an account value limit.

There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1st deadline.

As a means to transact value, the wallet doesn’t compete with existing banks, but is awaiting the creation of wallets by banks and other innovators.

With the first tier, Speed Wallet can be used by anyone who does not have a bank account. However, users will have to submit a passport photo, a name, birth date and place, a phone number, and their address.

A fifty-thousand-naira limit is in place for Send & Receive, the minimum requirement is the individual’s National Identity Number (NIN), which will be validated. A cumulative balance of three hundred thousand naira is fixed each day.

An account with an existing bank is required for users of Tier Two wallets. The user is limited to sending and receiving two hundred thousand naira per day with a Cumulative Balance of half a million naira daily. A Bank Verification Number (BVN) is the minimum requirement for this level.

Tier three allows daily transactions of a million naira, with daily cumulative balances of five million naira. In order to qualify, you need to have at least a BVN.

Those who possess this merchant level can send or receive a million naira daily. A merchant can move as much money as they want into their bank accounts, however.

In context, the Central Bank further disclosed, neither Merchants nor Customers using the wallet will be charged a fee.

The report stated that the e-Naira is a legal tender for the entire country. It also mentioned that it will have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.

The CBN also outlined that:

Nigerian banks will be allowed to invite all their customers to register for the e-Naira. Besides pre-generated codes, the banks can send invitation codes for onboarding to a specific list of selected customers. Onboarding will be done for customers who have a code assigned by their banks. The banks have already validated and verified these customers.

The wallet provided by its institution was merely a stop-gap measure for meeting the deadline, given that banks and other licensed operators may provide their own wallets since it didn’t intend to compete against the banks.

As a National Critical Infrastructure, the e-naira system will be subject to comprehensive security checks, all data and personally identifiable information (PII) will be kept off the ledger and will not be stored on the ledger.

Source : https://nairametrics.com/2021/08/30/e-naira-cbn-sets-n50000-maximum-transfer-limits-for-non-account-holders/

lwisee:


Exactly on blockchain technology, my concern is will 1 e-Naira = 1 Naira?

Na 1 E naira would have a different value and you will need to exchange more Naira to get one and as demand grows the values grow , but it should be an alternative to hedge on the naira outside USD

FarahAideed:


Na 1 E naira would have a different value and you will need to exchange more Naira to get one and as demand grows the values grow , but it should be an alternative to hedge on the naira outside USD

Fantastic, this sound like a good news to me. Maybe by this time next year 1 E-Naira will be equal to 10USD.

lwisee:


Fantastic, this sound like a good news to me. Maybe by this time next year 1 E-Naira will be equal to 10USD.

I don't have belief on anything coming from this government because they do not mean well for us and all they are after is how to convert the money we have in our accounts to their own. As they used NSE to scammed us.

Nigerian government ready to scam Nigerians

but you banned crypto, who will patronize this enaira now?

monferans0:
but you banned crypto, who will patronize this enaira now?

Thanks so much. Exactly my question

monferans0:
but you banned crypto, who will patronize this enaira now?

A lot of people will do bro, people with clean money will surely do.

Make them bring am out first then I go decide if I go buy.
But you know, potential btc alternative.

Sacamanje..... Tulamania

What out how vultureBBQgrill will storm this thread to praise his darling daddy for this milestone achievement

lwisee:
Breaking: CBN drafts guidelines to Nigerian banks on e-Naira




https://nairametrics.com/2021/08/29/cbn-drafts-guidelines-to-nigerian-banks-on-e-naira/

Another opportunity to scam us.

Is this not crypto in disguise?

Hehehe.

If you laughed at this guy, kindly gather here

Buy dip when the e-naira commences if both the paper naira-to-enaira are not at the same rate and hold it because it will appreciate in value due to day-by-day online business transactions.

In the other way round, if the rate of the paper naira and e-naira is the same don't buy because both of them would experience naira-dollar frustration respectively.

My 2 cent.

you no lie

optionalY09:
Nigerian government ready to scam Nigerians

FarahAideed:


Na 1 E naira would have a different value and you will need to exchange more Naira to get one and as demand grows the values grow , but it should be an alternative to hedge on the naira outside USD

Makes no sense...

1 e-naira equals 1 physical naira..

Where are they planning to host the servers?

It would be a joke to host our digital currency on foreign servers.

And just in case they are planning to build data centres here in Nigeria for the project, I hope they know that is a huge electricity demand and it's as if Nigeria does not even produce enough electricity to power the whole of Lagos 24/7.

And hopefully they are not planning to run the data centres on generators because that would be dragging the country eons back. Everyone at this stage is looking towards Sustainability and cutting off green house gases.

Dear Naija, which way?

If only we could fix electricity, many things will start to fall in place gradually.

When we fix electricity, we monitor crime effectively with CCTV and drones.

We experience transformation of our educational sector - digital transformation.

We experience industrialization - companies will troop in, and the ABA boys and indigenous manufacturing gurus will rise

We crack down on corruption - everything becomes transparent and digital - every fraud will be traceable digitally except you go and bomb the data centres to erase data ( equivalent to how they burnt the NFF office and other offices just to destroy files).

Our economy improves, we rely less on petroleum, we see massive advancement etc.

FaraAideed and other supporters of the currency,
What backs up the eNaira considering the inconsistencies of the Nigerian monetary regulators, the monoeconomic situation of Nigeria, the political and economic instability of the country?

I didn't read before comment o.

now let me go and read.

lol Confused people...

You will soon Launch Naira Marley sef....


Na trap oh ones u put ur Money dem go freeze am nd tell u aw u take acquire the E Money abi wetin na so ur money go lost...

Just unban crypto currency and twitter, first!
Slowpoke, Clueless govt.

lwisee:


A lot of people will do bro, people with clean money will surely do.

Buhari govt will go...
Another one will come... 2023...
And freeze it...ban it and kill it...
Leave the masses on their own ...
We have been in this system long enough to know
How it works....

chloride6:


Makes no sense...

1 e-naira equals 1 physical naira..

One e naira can never be one Naira ...wake up

lwisee:


Exactly on blockchain technology, my concern is will 1 e-Naira = 1 Naira?It will make much sense if it has more value than the regular Naira.

How will it be made to have more value?

lwisee:


A lot of people will do bro, people with clean money will surely do.

I really doubt this

Ok

Anonymous hackers, I hope you can hear dis