For the first 90 days, the Central Bank of Nigeria has made transactions originating from the newly launched digital currency network eNaira free.
The bank, however, stated that it will return to its pricing guide for banks and other financial and non-financial institutions.
This was revealed by the apex bank in the framework named ‘eNaira Circular and Guidelines,’ which was released on Monday.
President Muhammadu Buhari unveiled the currency in Abuja on Monday, prompting this story.
The CBN said, “The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021 and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.”
Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, a N50 charge is associated.
Phone numbers without a verified NIN (Tier 0) would have a daily transaction limit of N20,000, with a maximum account balance of N120,000, according to the bank.
CBN has a daily transaction cap of N50,000 and a maximum balance of N300,000 for phone lines with confirmed NIN or Tier 1.
Tier Two accounts will have access to a daily transaction limit of N200,000, with a maximum amount of N500,000.
Tier 3 account holders can transact a maximum of N1 million each day, with a maximum balance of N5 million.
The CBN, on the other hand, claims that merchant accounts have limitless transaction capacity.
Merchants are individuals and non-individuals (corporations) who are legally permitted to conduct business in Nigeria, according to the CBN.
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