CBN Sets Transaction Limit For E-naira

THE Central Bank of Nigeria (CBN) has set an initial limit of N50,000 for non-account holders in the transaction guidelines released for e-naira project.

The apex bank had on Monday announced the formal engagement of Butt Inc., as the technical partner for the  digital currency.

According to the CBN, the e-naira is due for launch later in the year.

CBN in its guidelines for depositing money in banks, also stipulated a transaction limit for customers, and non-interest-bearing Central Bank Digital Currency (CBDC) status.

The apex bank categorised the “Speed Wallet” into three tiers issued primarily to meet the October 1, 2021, deadline.

In the first tier, the CBN stated that Speed Wallet could be used by anyone without a bank account, adding that users would submit a passport photo, name, birth date and place, phone number, and  address, with N50,000 placed as limit for “Send and Receive”.

According to the CBN, a validated national identity card will serve as minimum requirement while a cumulative balance of N300,000 is fixed each day.

The CBN said tier two wallets would require having existing account with a bank, adding that a user would be limited to sending and receiving N200,000 per day with a cumulative balance of N500,000 daily.

“The minimum requirement for this tier is a bank verification number (BVN),” the apex bank said.

It added that daily transaction of N1m would be allowed for tier three, with daily cumulative balance of N5m, and BVN as requirement.

The CBN said there would be no fee charged for user wallet to merchant as well as P2P Wallet Transactions.

“There will, however, be electronic fund transfer fee of N10, N25 and N50 depending on the amount transferred. There will also be 7.5% VAT on Electronic Funds Transfer. The regular N6.98 service charge will also apply if transaction is initiated via USSD,” the CBN said.