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.
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It's a smooth ride right now let's see in some 3 to 6 months Or maybe one year from now.
ReplyDeleteTonia
Okay na,let's see how it goes
ReplyDeleteWill this make the prices of rice come down to N10k, garri to N350 for paint rubber, 25L oil for N7k, beans N300 for a paint rubber, slippers N70, fish to N150/one, 60 leaves book/dozen to N250, pen to N5, egusi/ogbono to N100 a cup each, school uniform materials to N85/yard, Christmas cloths for kids to N2000 both sexes, kois-kois shoes for ladies to N2,500, mugs to N100 for drinking tea, wigs to N1,500 correct ones, expression attachments N300, hijab to N300 good ones o, wrappers Ankara to N1,700 quality ones, dozen of ceramic plates to N1,100, snapping of pictures N70/ copy, tokunbo cars to N500k, nylon leathers (black) 3 pcs for N5, school sandals to N90, hair ribbons to N50, ice cream to N50 good ones, meat pie to N50, flour- bag to N6k, milk/bournvita/peak to N350 a tin, pampers mini N150, midi N200, maxi N250, men's shirt/trousers to N1,500 quality ones, boxers to N200 a pack, toothpaste N150 big ones, brushes N40, roofing of houses N350k quality ones,etc and the MAIN one 1$ to N65... ?
ReplyDeleteI'm hopeful.
Will this stop CBN and banks from debiting customers with one senseless excuse or the other?
ReplyDeleteAnything from this government is scary.
ReplyDeleteI am notnin a hurry, let me observe and understand it first
Na the same crowe ppl be the developers
ReplyDeleteThis e wallet is the biggest scam ever by the govt. If anyone falls for it, na OYO you dey. If you want waller, get a Trust Wallet at least. E naira wallet is a scam! I am a blockchain dev and I know a scam like this when I see one.
ReplyDelete💯!!!
Delete