The application for the digital currency created by the CBN has been accessible for download after President Muhamadu Buhari’s introduction of the enaira, with over 5,000 downloads within hours of the debut.
This comes after the top bank issued regulatory rules stating that fees for transactions initiated using the eNaira platform would be waived for the first 90 days, beginning on October 25.
Charges, as described in the Guide to Charges by Banks, Other Financial, and Non-bank Financial Institutions, will become effective after this time.
At 4 p.m., the eNaira speed wallet app for people had received over 5,000 downloads, while the eNaira speed merchant wallet had received close to 1,000.
Banks will be automatically implemented by the CBN, while merchants will be onboarded once they download the app, and people would have to onboard themselves, according to the regulatory and issuing rules.
The guideline stated that various stakeholders will have different wallets.
The guideline said, “The eNaira stock wallet belongs completely to the CBN, and it should warehouse all coined eNaira.”
Financial institutions were supposed to keep one treasury eNaira wallet to store eNaira received from the CBN eNaira stock wallet, according to the statement.
“Financial Institutions (FI) may build eNaira branch sub-wallets for its branches and finance them from its single eNaira treasury wallet with the CBN, and FI may create eNaira sub-treasury wallets for its branches.”
“The treasury eNaira wallet will be used to finance the eNaira branch subwallet.”
“eNaira Merchant speed wallets are only to be used to receive and send eNaira payments for products and services.” End users will be able to transact on the eNaira platform using eNaira fast wallets.”
The eNaira is intended to contain two-factor authentication and other security features to secure the safety of payments.
Meanwhile, Tier 0, which is only a phone number without a validated National Identity Number, has a daily transaction limit of N20,00 and a balance limit of N120,000.
Tier 1, which has a verified number, has a transaction limit of N50,000 and a balance limit of N300,000.
Tiers 2 and 3 have daily transaction limitations of N200,000 and N1 million, respectively, as well as balance limits of N500,000 and N5 million, respectively, whilst merchants have no restriction.
The eNaira would complement cash as a less expensive, more efficient, widely accepted, secure, and trustworthy mode of payment and store of value, according to a circular signed by Mr Chibuzo Efobi, CBN director Financial Policy and Regulation Department.
“It will also increase monetary policy efficacy, strengthen the government’s ability to deploy targeted social initiatives, offer a less expensive option for government revenue collection, and promote remittances via official channels.”
“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low transaction costs, and drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” according to the document.
