Transactions on eNaira Platform Free for 90 Days -CBN
The Central Bank of Nigeria has announced that all transactions on the newly launched digital currency platform eNaira will be free for 90 days.
However, the bank has indicated that it will return to its principal at the end of the deadline for fees paid by banks and other financial institutions and not finance.
Apex Bank announced this in the e-Naira circular and Information system announced on Monday.
The news comes after President Major General Muhammadu Buhari (Retd) launched the currency in Abuja on Monday.
CBN said, “The charges for transactions commencing with the e-Naira platform shall be free for the first 90 days starting from October 25, 2021, and shall then be charged by banks, other financial and non-financial and non-banks. applicable charges mentioned in the guide. -Bank financial institution. ”
The apex bank noted that electronic fund transfers below N5,000 are charged N10; N5,001 – N50,000 to N25 charge and N50 charge attached for above N50,000.
The bank also said that the daily transaction limit for phone numbers without a verified National Identification Number (Tier 0) will be N20,000, while the maximum can be N120,000 in the account.
For phone numbers with a verified NIN or Tier 1, CBN said they have a daily transaction limit of N50,000 and a maximum balance of N300,000.
Tier Two accounts will have access to daily transactions of N200,000, while N500,000 is the maximum balance that can be kept.
The Tier 3 account holder can do a maximum of N1m transactions per day, while the maximum balance can be N5m.
However, CBN noted that merchant accounts have access to unlimited transactions.
According to the bank, merchants are duly recognized individuals and non-individuals (corporate) authorized to do business in Nigeria.