The Central Bank of Nigeria (CBN) has said that all transactions conducted on the newly launched digital currency platform, eNaira, will be free for 90 days.
CBN disclosed this in a framework titled, ‘eNaira Circular and Guidelines,’ released on Monday.
The apex bank, however, said that it will revert to its guide on applicable charges by banks and other financial and non-financial institutions at the end of the stated period.
“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,” it said.
CBN noted that 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.
The bank also said phone numbers without verified National Identification Number (NIN) or Tier 0 will have a daily transaction limit of N20,000, while the maximum that the account can hold is N120,000.
For phone numbers with verified NIN or Tier 1, CBN said they have a daily transaction cap of N50,000 and a maximum balance of N300,000.
Tier Two accounts will have access to a daily transaction of N200,000, while N500,000 is the maximum balance that can be held.
The Tier 3 account holder can transact a maximum of N1 million daily, while the maximum balance it can hold is N5 million.
But the CBN explained that merchant accounts have access to unlimited transactions.
According to the apex bank, merchants are duly accredited individuals and non-individual (corporates) authorized to conduct business in Nigeria.