• Nigerian/African Tech
  • Start Up
  • Internet
    • App
    • Mobile
    • Software
  • Gadgets
  • Money
  • Video
Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home General Government

The Central Bank Of Nigeria Releases Guidelines On e-Naira

Olagoke Ajibola by Olagoke Ajibola
August 30, 2021
Share on FacebookShare on Twitter

 

Also On TechBooky

US Court Says That AI Systems Can’t Patent Inventions

Nearly Half Of Kenya’s Mdundo Music Streaming Service Users Are Nigerians

Kenya’s Central Bank Says Flutterwave And Chipper Cash Have No Operating License

Kenya’s Insuretech Lami Secures $3.7 Million In A Seed Extension Round

Nigeria’s Youverify Gets $1m In Seed Extension Round For African Expansion

In July, the Central Bank of Nigeria (CBN) announced that it will introduce the country’s official digital currency. More than a month later, the apex bank has released an update on the e-Naira. The CBN recently sent a presentation to Nigerian banks about the e-Naira project, revealing more details about its design and operational module. The presentation described how the new currency would be designed and operated.

In fact, the report states that the e-Naira is a legal tender for the entire country. The report also mentions that it will have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.

  1. Monetary Authority Suite; The Central Bank will be handing the first product component that includes issue, distribute, redeem and destroy the currency. Store data on a cloud server, monitor and analyses currency transactions.
  2. Financial Institution Suite; licensed financial institution will be able to request currency or issue stable coins, manage digital currency across branches, KYC, identify and AML compliance capability.
  3. eGovernment Suite; the government will be able to efficiently process digital payments sent to and received from citizens and businesses.
  4. Merchants will provide low-cost payment and business management software, POS, remote payment solutions, online capabilities, transaction analysis, and reconciliation.
  5. Retail Consumer Suite; features user-centered designs for a great user experience. The architecture will be expandable to enable innovation; features advanced privacy and security.

Consequently, the proposed transaction cost for the e-Naira wallet was also outlined by the Nigerian Central Bank.

The digital currency infrastructure does not charge for user-to-merchant transactions and P2P wallet transactions. It shall be the responsibility of Nigerian banks to promote and market the centrally issued digital currency as a cash alternative to existing and potential customers in support of the Nigerian apex bank’s goal for financial inclusion.

The tier 1 wallet can be used by individuals who do not own bank accounts. Its daily transfer limit will be set at ₦50,000, and a cumulative balance of ₦300,000. However, users must have the National Identity Number to be able to open an account.

The tier 2 wallet will require users to link an existing bank account (backed up with the Bank Verification Number) to the wallet. Without doing this, one cannot own a tier 2 wallet. Here, the daily transfer limit will be set at ₦200,000 while the maximum balance will be ₦500,000.

Tier 3 wallet users will have a daily transfer limit of ₦1,000,000 and a total balance of ₦5,000,000. Users must link a BVN-backed bank account to their wallet.

In order to catalyse the adoption of the e-naira, banks will facilitate onboarding and provide world-class customer service. Nigerian banks will be allowed to invite all their customers to register for the e-Naira. Besides pre-generated codes, the banks can send invitation codes for onboarding to a specific list of selected customers. Onboarding will be done for customers who have a code assigned by their banks. The banks have already validated and verified these customers.

Moreover, the Central Bank stated the wallet provided by its institution was merely a stop-gap measure for meeting the deadline, given that banks and other licensed operators may provide their own wallets since it didn’t intend to compete against the banks.

As part of the digital currency initiative, Nigeria’s central bank has made clear that NIBSS and other switching platforms will still be relevant, existing infrastructure can be integrated and leveraged in the e-Naira implementation. As a National Critical Infrastructure, the e-naira system will be subject to comprehensive security checks, all data and personally identifiable information (PII) will be kept off the ledger and will not be stored on the ledger.

Related Posts:

  • The e-Naira Launch Could Be Delayed Beyond October 1st
    The e-Naira Launch Could Be Delayed Beyond October 1st
  • CBN Mandates All Nigerian Businesses To Accept The e-Naira
    CBN Mandates All Nigerian Businesses To Accept The e-Naira
  • Nigeria’s eNaira Officially Launched By President Buhari
    Nigeria’s eNaira Officially Launched By President Buhari
  • South Asian Country Bhutan Partners With Ripple For A Central Bank Digital Currency
    South Asian Country Bhutan Partners With Ripple For A…
  • South Africa Plans Digital Currency In Future As It Seeks To Regulate Crypto Assets
    South Africa Plans Digital Currency In Future As It Seeks To…
  • Security And Exchange Commission Set Up Department To Help Study The Crypto Market
    Security And Exchange Commission Set Up Department To Help…
  • After Failing To Launch On Oct 1, Pres Buhari Will Launch The e-Naira Tomorrow
    After Failing To Launch On Oct 1, Pres Buhari Will Launch…
  • The Nigerian Central Bank Will Launch A Digital Naira In October
    The Nigerian Central Bank Will Launch A Digital Naira In…
Tags: bankingcentral bank of nigeriadigital currencye-NairamoneyUser
Olagoke Ajibola

Olagoke Ajibola

Olagoke Ajibola is a creative writer and content producer with an eye for details and excellence. He has a demonstrated history of telling stories for TV, Film and Online. Aside from being fascinated by the power of imagination, his other interest are travel, sport, reading and meeting people.

BROWSE BY CATEGORIES

Receive top tech news directly in your inbox

Loading

Recent

What To Expect From Samsung’s August 10th Unpacked Event

What To Expect From Samsung’s August 10th Unpacked Event

August 9, 2022
The Best New Tools For Small Businesses

The Best New Tools For Small Businesses

August 9, 2022
Google Launches Web Version Of Its Read Along App For Kids

Google Launches Web Version Of Its Read Along App For Kids

August 9, 2022
1Password 8 Arrives On Android And iOS With A Major Redesign

1Password 8 Arrives On Android And iOS With A Major Redesign

August 9, 2022
WhatsApp Introduces New Privacy Features: Users Can Now Leave Groups Silently, You Can Prevent Screenshots Of Your Messages And Many More

WhatsApp Introduces New Privacy Features: Users Can Now Leave Groups Silently, You Can Prevent Screenshots Of Your Messages And Many More

August 9, 2022
5 Simple Steps To Surf The Web Anonymously

5 Simple Steps To Surf The Web Anonymously

August 8, 2022
99% Of Netflix Subscribers Haven’t tried Its Games Yet

99% Of Netflix Subscribers Haven’t tried Its Games Yet

August 8, 2022
US Court Says That AI Systems Can’t Patent Inventions

US Court Says That AI Systems Can’t Patent Inventions

August 8, 2022
Meta Is Shutting Down One Of Its Biggest VR Games

Meta Is Shutting Down One Of Its Biggest VR Games

August 8, 2022
Understanding Hydrogen Energy As A Climate Change Solution

Understanding Hydrogen Energy As A Climate Change Solution

August 8, 2022

Browse Archives

August 2022
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
293031 
« Jul    

Receive top tech news directly in your inbox

Loading

About Us

TechBooky

TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

Subscribe to TechBooky

Enter your email address to subscribe to TechBooky and receive notifications of new posts by email.

Join 17,871 other subscribers.

Popular Tags

AI (232) amazon (92) android (271) app (582) Apple (450) artificial intelligence (245) business (299) china (112) cloud (130) cryptocurrency (145) ecommerce (107) enterprise (230) facebook (464) gadget (408) gaming (157) google (535) government (373) guest post (108) instagram (133) internet (336) ios (236) iphone (198) microsoft (255) mobile (263) new feature (266) nigeria (271) privacy (128) research (132) samsung (131) security (361) smartphone (219) social media (645) software (390) startup (247) streaming (135) telecom (155) tips (319) transport (101) twitter (199) united states (180) users (114) videos (111) website (143) whatsapp (126) youtube (103)

Quick Links

  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

Popular Post

  • Trending
  • Comments
  • Latest
Download Free Editable Resume Templates – Word / Docx – 2022

Download Free Editable Resume Templates – Word / Docx – 2022

July 25, 2022
The Best Free PC Games

The Best Free PC Games

July 29, 2022
Top 2 Methods To Convert CSV To vCard/VCF In 2022

Top 2 Methods To Convert CSV To vCard/VCF In 2022

February 2, 2022
Five Top Fitness Gadgets Perfect For Your Weight Loss Journey

Five Top Fitness Gadgets Perfect For Your Weight Loss Journey

May 18, 2022
Google Maps Revealed New Feature That Lets Users Share A Quick Location Update and More

Google Maps Revealed New Feature That Lets Users Share A Quick Location Update and More

March 12, 2021
How To Import PST To Office 365 Using Azure AzCopy

How To Import PST To Office 365 Using Azure AzCopy

December 2, 2021
Today’s Google Doodle Honours 44 Years Of Hip Hop

Today’s Google Doodle Honours 44 Years Of Hip Hop

1
What To Expect From Samsung’s August 10th Unpacked Event

What To Expect From Samsung’s August 10th Unpacked Event

August 9, 2022
The Best New Tools For Small Businesses

The Best New Tools For Small Businesses

August 9, 2022
Google Launches Web Version Of Its Read Along App For Kids

Google Launches Web Version Of Its Read Along App For Kids

August 9, 2022
1Password 8 Arrives On Android And iOS With A Major Redesign

1Password 8 Arrives On Android And iOS With A Major Redesign

August 9, 2022
WhatsApp Introduces New Privacy Features: Users Can Now Leave Groups Silently, You Can Prevent Screenshots Of Your Messages And Many More

WhatsApp Introduces New Privacy Features: Users Can Now Leave Groups Silently, You Can Prevent Screenshots Of Your Messages And Many More

August 9, 2022
5 Simple Steps To Surf The Web Anonymously

5 Simple Steps To Surf The Web Anonymously

August 8, 2022

Recent News

What To Expect From Samsung’s August 10th Unpacked Event

What To Expect From Samsung’s August 10th Unpacked Event

August 9, 2022
The Best New Tools For Small Businesses

The Best New Tools For Small Businesses

August 9, 2022
Google Launches Web Version Of Its Read Along App For Kids

Google Launches Web Version Of Its Read Along App For Kids

August 9, 2022
1Password 8 Arrives On Android And iOS With A Major Redesign

1Password 8 Arrives On Android And iOS With A Major Redesign

August 9, 2022
WhatsApp Introduces New Privacy Features: Users Can Now Leave Groups Silently, You Can Prevent Screenshots Of Your Messages And Many More

WhatsApp Introduces New Privacy Features: Users Can Now Leave Groups Silently, You Can Prevent Screenshots Of Your Messages And Many More

August 9, 2022
5 Simple Steps To Surf The Web Anonymously

5 Simple Steps To Surf The Web Anonymously

August 8, 2022
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact us
  • Privacy Policy
  • Disclaimer
  • Login

© 2021 Design By Tech Booky Elite

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

© 2021 Design By Tech Booky Elite