Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download.

CBN said the applications has received more than 5,000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from Oct. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speedwallet app meant for individuals had, as at 4.pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

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

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“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.

“The eNaira branch subwallet 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 security of funds, the enaira is expected to have two-factor authentication and other measures.
Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number, was set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” the statement reads in part.

Source: https://dailypost.ng/2021/10/25/cbn-releases-guidelines-for-enaira/

I need edollar please

Clowns

I don't trust the e-naira or our politicians. Full stop!

Cashless policy failed.Wonder what will happen to this one.

You can't even register peacefully.

Scam!

[img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img]

valentineuwakwe:
Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download.

CBN said the applications has received more than 5,000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from Oct. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speedwallet app meant for individuals had, as at 4.pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

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

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“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.

“The eNaira branch subwallet 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 security of funds, the enaira is expected to have two-factor authentication and other measures.
Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number, was set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” the statement reads in part.

Source: https://dailypost.ng/2021/10/25/cbn-releases-guidelines-for-enaira/

Make them share e-money like how china did to boost more use

How much is ONE eNaira?

If I say I understand this article, na lie I dey lie.

NtiObaEneke:
If I say I understand this article, na lie I dey lie.

You nor know book

Where can I get the app ? Make I no go download the aba made ...

Anything to move our darling nation forward is all we want.

Many sane and hardworking Nigerians are optimistic as Africa's largest economy gears up to launch the continent's first central bank-backed digital currency, the eNaira.
Authorities hope to tap into the popularity of cryptocurrency so it can better monitor digital currency transactions, curb black market trading in the paper naira and also help integrate millions of Nigerians into banking.

It is going to make cross border payments easier and it is going to make it easier for the naira to be widely used and accepted.
So, Nigeria is gradually getting to the point where cryptocurrency is seen as an unstoppable force."

The eNaira will promote blockchain technologies like cryptocurrency, which Central Bank authorities banned in back in February, citing its volatility and investment risk for citizens.

The CBN then promised to provide a safer alternative - the eNaira.
Authorities and experts say the eNaira will ease monetary transactions and improve long-term value for Nigeria's currency, compared to its paper counterpart, which has hit its lowest value since 2003.
The CBN also says the eNaira saves on printing and distribution costs for cash.

The eNaira will also help address money laundering and corruption.
Everything built on blockchain is very safe and secure.
Another thing again is it's universal, parts of the benefits they intend to achieve with the eNaira is it will be used for both international and local trade and also it's going to be to fight corruption,.


A better Nigeria is all we want.
Nigeria will be great again in our lifetime.
God bless Nigeria.

Itohanmiwa:
For those with vision key into this opportunity by Nigeria, let the doubters continue doubting and I hope it isn't too late for them when they realise the opportunity their hate for this administration cost them. Nigeria will be great again this I know.

You've said it all.
God bless you and yours.

Mrlouis:


I WONDER WHO COME ASK YOU FOR ALL THESE LONG EXPLANATIONS. WHO YOU DEY EXPLAIN GIVE

Incase you are just coming across our moniker on this forum,
So you won't make the same mistake some other time,
Take this :

All of posts/comments on Nairaland is ONLY (emphasis on ONLY ) for sane, reasonable, sensible, honest and hardworking Nairalanders, not for everyone.
Please take good note of this boy Louis.
Do not make that mistake to jump on our mention anymore, just scroll down fast when you see MANNA....
leave it for the members it will benefit.
Normally, we don't reply such rubbish as this,
But the spirit led us to quickly put you in your wahala place!

Now, you have been noticed, attention seeking $!^@&
Una go just wake up begin dey look for wahala upandan.
Knocks!

Ok

Copy cat
Foolish government

I have some questions.


1. What's the difference between this e-naira and the soft naira i transfer to my clients for business using ussd or bank app?

2. Is E-NAIRA mineable like some other cryptos?

3. Is this the 1 dollar 1 e-naira = 1 naira, APC promised Nigerians?

Ok

This is a good initiative... it would reduce the request for dollar by a notch..

Can the Enaira be used for global transactions at the CBN rate?

Sidon look, Na dog name! Ok oo.

Why ban crypto and be using the same blockchain technology in eNaira?

Central Bank neva ready
Why put unreasonable limits if you really want youths to patronize your enaira?, Imagine someone will now get 20k once daily withdrawal limit, well it also has its own good side because you don get automatic excuse for your babe be that

I need the app

For those with vision key into this opportunity by Nigeria, let the doubters continue doubting and I hope it isn't too late for them when they realise the opportunity their hate for this administration cost them. Nigeria will be great again this I know.

Righthussle:
Where can I have the app

Google Play store if you are on Android. Search for "eNaira speed wallet" and download.

MrOON:
I have some questions.


1. What's the difference between this e-naira and the soft naira i transfer to my clients for business using ussd or bank app?

2. Is E-NAIRA mineable like some other cryptos?

3. Is this the 1 dollar 1 e-naira = 1 naira, APC promised Nigerians?

Am yet to see what makes this enaira diff from our mobile app

Just remove Emefiele and make E-money the CBN governor lol. Maybe we'll even have some relieve because this e-naira seems more like e-distraction to me

The App said I do not have an email attached to my BVN I should contact my bank.

Itohanmiwa:
For those with vision key into this opportunity by Nigeria, let the doubters continue doubting and I hope it isn't too late for them when they realise the opportunity their hate for this administration cost them. Nigeria will be great again this I know.

Can one make profit with the e-naira ?