The central bank of Nigeria, CBN has declared that eNaira is different from the money in your bank account. Read up for more information.
Jameela News gathered that eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
eNaira is the digital form of cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
These are different tiers of wallets and they include:
0 – No Existing Bank Account + NIN+ verified telephone number + Daily limit(20,000), Cummulative limit(120,000)
1 – No Existing Bank Account+ Daily limit(50,000), Cummulative limit(300,000)
2 – Has an Existing Account + BVN + valid means of identification + Daily limit(200,000), Cummulative limit(500,000)
3 – Has an Existing Account + Tier 2 requirement + public utility receipt + Daily limit(500,000), Cummulative limit(5,000,000)