The Central Bank of Nigeria (CBN) has released new guidelines on how a state-backed digital currency (e-Naira) will be regulated, designed, and issued. The Central Bank Digital Currency (CBDC) is on schedule to be launched on the 1st of October.

Expected to be a legal tender for the entire country, the e-Naira will be accessible to both bank account and non-account holders, according to a CBN presentation seen by TechCabal.

Consumer Wallets

In order to meet the October deadline, a three-tier consumer “speed wallet” system will be issued by the apex bank before banks and other licensed operators can provide their own wallets for the e-Naira.

The tier 1 wallet is open to anyone without a bank account. It also comes with a transfer limit of ₦50,000 and a cumulative balance of ₦300,000 fixed daily. The minimum requirement to open this wallet is a National Identity Number (NIN).

For tier 2 wallets users, an existing bank account with a linked bank verification number (BVN) is the minimum requirement for this level. Users are restricted to sending and receiving ₦200,000 daily and having a balance of ₦500,000.

Tier 3 wallet holders can transact up to ₦1,000,000 daily with the cumulative balance set at ₦5,000,000. At least a BVN is needed to get this wallet category.

Transaction limits on merchant-level wallets are also set at ₦1,000,000 per day, though there are no limits to how much users can have in their accounts.

Zero charges

The e-Naira also has a non-interest-bearing CBDC status and in addition, there won’t be charges on merchant services, user-to-merchant, and peer-to-peer wallet transactions.

The zero charges also apply when users send money from their wallets to bank accounts and make withdrawals at agent or merchant locations.

After the launch, Nigerian banks can invite all their customers to register for the e-Naira, with necessary validation and verification processes.

The banking regulator notes that the e-naira system, being a National Critical Infrastructure, will be subject to comprehensive security checks.

According to the central bank, Nigerian banks are to “market and promote the adoption of eNaira as a digital version of cash to existing and potential customers, in support of financial inclusion objective of the CBN.”

Source: https://techcabal.com/2021/08/30/cbn-issues-e-naira-guidelines/

These are just wallets na ...This is beautiful nonsense for a CBN

Lol

If the equivalent of e-naira is the same as naira then all this is just like opening another bank account. If the can wants people to embrace this move they should make 1 enaira equal to 100 naira. Boom every one will rush in

If the money is free and is using distributed ledger, then I can spend it if transferred to me for free. Cos I wont change my naira to e-naira nor accept it as legal tender.

It is all numbers on a database, so why should I trust it?

Dem wan pursue POS enter House abi?

Una just wake up when our eyes are already open

To make use of that wallet na dead trap cos I don't trust buhari and his cabinet

Thanks to kuda,piggyvest,mint money and the rest

Cbn should go and sleep

This must be fake news...........

From a government that bans cryptocurrency transactions........


I would rather buy more ADA........

ok

BigCabal:


Source: https://techcabal.com/2021/08/30/cbn-issues-e-naira-guidelines/

Countries that have the technology to regulate electronic money have not issued one, it is these charlatans.

Subscribe at your own risk. Next one loading is hackers create and transfer trillions of Naira, naira now exchanging at 2000 per usd.

Lol

Trust CBN, after everybody has rushed in, you will now hear that they are charging per transaction. Nothing from CBN is free, they are out to make something out of it.

Just wait and see

Dead on arrival... we will not use it. you can not ban bitcoin and initiate your own coin later

Normal e-wallet?

If it can be on blockchain or have normal features of cryptocurrent, it will fly. This is looking like just account to wallet and wallet to account kind of arrangement - just like funding your bet9ja account(this can't be reversed though).

I need to check this up more.

BUHARI Amaka.

CBN be hypocrite

Lexusgs430:
This must be fake news...........

From a government that bans crypto currency transactions........


I would rather buy more ADA........

Exactly my thoughts. You ban your banks from crypto transactions. Within a few months you create your own version. Of crypto and tell the same banks to adopt, promote and distribute it to the populace. My concern now is how will this e-naira exchange with other e- currencies that the banks should not allow or is it going to be a stand alone currency?

miniziter:
Dem wan pursue POS enter House abi?

You know I was just thinking the same thing, it is a lovely innovation but it definitely has a lot of negative sides too and I fear it might even contribute more to unemployment. Banks for example...without the physical cash will there be need for all those tellers/cashiers??

Potato po-ta-to. Same rubbish.

This is just a wallet... E naira should be something unique. Eg. 1 e-naira to 1$

The summary of what was written here is :-

1) you can open an e wallet either with NIN or your existing bvn linked account
2) you can send e naira from one wallet to another FREE of charge

Emphasis on the second point which is you can send naira from one account to another.

In other words imagine doing bank transfer with no charges, no atm fees, no pos fees nothing like how most countries operate.

This is the summary of what the e naira offers you

This ain’t cryptocurrency neither is it a new currency or a currency backed by naira.

It’s just the CBN telling you from the 1st of Oct 2021 you can now send naira electocnically free or charge

This e-wallet, not different from normal wallet we have been using.
Kuda, opay, abeg, piggyvest...
The only reason I can adopt this wallet cus of free transaction, but trust naija, after 3 month u will start paying

VAT
App Maintenance
Charges fee after 20 transaction
Police will force u to open your wallet at gun point.

The idea continue using the one u know..to confuse some of this black men on uniform, else... update go full front page on NL

MrRabbi:
This is just a wallet... E naira should be something unique. Eg. 1 e-naira to 1$

For anything to be equal to 1$ at the start of creation, there must be a requisite demand for that thing by those who spend 1$ or who need $

I doubt anyone needs naira more less e naira.

So this is just another wallet I.e any other way of sending naira from your wallet ( bank account ) to another person free of charge which Kuda and a lot of companies do any way

Al

TimeSpaceWizard:
If the money is free and is using distributed ledger, then I can spend it if transferred to me for free. Cos I wont change my naira to e-naira nor accept it as legal tender.

It is all numbers on a database, so why should I trust it?

well said.. It actually cost alot to print physical note. They are trying to create an alternative source of value electronically..if 1 e-naira equal 100naira,then it is a good idea.

Scam I will never register for any number on a database

There would be massive rush on this from POS operators because of zero charges..

Please how do one register... am honestly tired of the:

- Debit turnover charges from Access bank
- Maintenance charge from various banks
- N10, 20, 50, 100 charges on every transfer transaction from banks..

Thank you CBN..

The CBN should enable international transfers since the NIN and BVN would be employed as a verifiable tool for fraudulent operations. Thereby having a firm control on FX exchange rate.

Apart from the TEMPORARY free transaction charges, the e-Naira has NOT ONE SINGLE Advantage.

It cannot be traded with other crypto
Its value is tied to the depreciating Naira
The CBN will soon come with all manner of transaction charges

Store your money in dollars!