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Tag: E-Naira

Embrace E-Naira Like Physical Naira, CBN Urges Nigerians

The Central Bank of Nigeria (CBN) has appealed to Nigerians to embrace the bank’s digital currency, eNaira just like the physical Naira, which it described as the nation’s pride.

The Director, Corporate Communications Department at CBN, Mr. Osita Nwanisobi stated that eNaira, like the physical Naira is a legal tender in Nigeria and a liability of CBN.

The eNaira was launched by President Muhammadu Buhari on October 25, 2021.

Nwanisobi who spoke during the CBN Special Day at the ongoing 35th edition of Lagos International Trade Fair, said, “Since the eNaira platform went live, there has been overwhelming interest and encouraging response from Nigerians and other parties across the world. Today, customers who download the eNaira Speed Wallet App will be able to Onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another wallet and make payment for purchases at registered merchant locations.”

President of the Lagos Chamber of Commerce and Industry (LCCI), organisers of the trade fair, Mrs. Toki Mabogunje commended the launch of the eNaira, saying, it marks a milestone in Nigeria digital economy.

Nigeria’s trade with the rest of the world, she said, is expected to receive a boost with the launch of the digital currency.

She however stressed the need for massive awareness campaigns to tell potential users of the benefits of the operational, cybersecurity implications and its operationalization with other traditional currencies.

12 November 2021
BREAKING: eNaira Wallet Now Available For Download as Buhari Officially Launches Nigeria’s Digital Currency

After much anticipation, the Central Bank of Nigeria’s digital currency, CBDC is now live and available for download, as Nigeria takes the lead as the first country in Africa with a working CBDC.

President Muhammadu Buhari unveiled the e-Naira at the State House in Abuja on Monday.

An earlier plan to unveil the digital currency on October 1 was shelved.

Nigeria is one of only a few countries in the world to develop an official digital currency.

The eNaira was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.

At the launch Monday, the Central Bank of Nigeria Governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.

The CBDC’s digital currency app and its merchant wallet are now live and available for download.

The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google playstore and Apple store.

A notice on the enaira website gives details into how the currency and the wallet will work.

“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.

“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

“First Name, Last Name, Date of Birth, State of Origin, and Email.

“Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform,” it says.

The central bank has also published the regulatory guidelines of the currency on its website.

“The guideline seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation of any negative impact on the financial system,” it says.

You can visit the website to download the eNaira speed wallet, as the application is now available for iPhone and Android users.

25 October 2021
Merchants, Businesses Must Accept e-Naira Anywhere It’s Presented – CBN 

The Central Bank of Nigeria has stated that the e-naira which will be launched on October 1, is a legal tender equal to the naira and must be accepted as a form of payment by all merchants and business establishments. 

Mr. Musa Jimoh, the CBN Director of Payment System Management, stated this during an appearance on Channels Television’s “Business Morning.”

Jimoh said, “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.”

He recommended that Nigerians should open e-naira wallets, which can be downloaded on mobile phones starting October 1, and said the Central Bank of Nigeria (CBN) was responsible for all liabilities.

“The liability of the e-naira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN. So, it gives Nigerians the opportunity to bank with CBN,” Jimoh said.

What you should know

Nigeria’s Central Bank planned to own a stake in Bitt Inc. It was stated that one of the conditions being considered for accepting Bitt Inc was for the company to register in Nigeria as a Limited Liability company allowing the central bank to own shares in its Nigerian entity.

Bitt is a financial technology business that uses blockchain and distributed ledger technology to enable safe peer-to-peer transactions with seamless mobile money across Bitt’s software and mobile apps.

The Governor of the Central Bank of Nigeria has stated that Bitt Inc, the company developing the country’s digital currency, eNaira, is not his company.

The Central Bank of Nigeria (CBN) has announced that the Nigerian International Financial Centre (NIFC) will be established to act as a gateway for funds and investments into the country.

21 September 2021
e-Naira Will Strengthen Banking System, CBN Reassures

The Central Bank of Nigeria, CBN, has said e-Naira will strengthen the banking system and make it easier to comply with existing laws such as anti-money laundering, customer protection against fraud and ensuring the safety and stability of the payment system.

The Deputy Governor Operations, Central Bank of Nigeria, Mr Folashodun Shonubi, said this at the Chartered Institute of Bankers of Nigeria advocacy series webinar held recently.

Shonubi said, “The Central Bank in its implementation has ensured the e-Naira feeds our economy and provides greater value.

“The central bank digital currency offers all the benefits of cash but in digital form. Every single digital currency is an electronic version of the cash, the legal tender. When you make a cash payment, settlement is done instantly; digital currencies entail the same promises and even more.”

He added, “CBDC offers a safer option from the privately issued cryptocurrency which have been based on the possibility to enable cheaper transactions but have now been used for investment.

“The intention is not to eliminate other forms of payment but to complement the current areas of payment options, thereby ensuring the stability of the payment system in the long run. I expect in the coming days we will see rapid inclusion rates.

“For banks in developing nations, it will enhance their liquidity, efficiency in national remittances and challenge the high cost of remittances as the world rebounds in the post-pandemic.

“I am of the view that the era of CBDC promotes greater opportunities, and the central bank must be aware of the risks and mitigate them.”

On his part, Director-General of the Securities and Exchange Commission, Mr Lamido Yuguda said, “The pilot project on the E-Naira is about to be launched in October. People would want to position their digital currencies in such a way that many other users, beyond their borders, would use this particular currency.”

Yuguda said that the digital currency would help improve the capital market when combined with vibrant inter-developmental policies, which would lead to financial inclusion, especially in the capital market.

He added, “This is an opportunity for the fintech market to connect our people to existing opportunities in the financial market, connecting our people with investment opportunities in other climes. Once we do that, we would grow our market, Nigeria has 200 million people. We are blessed with a hardworking youthful population.

“This capital market would in turn finance the necessary infrastructure investment that this country needs today.”

President, Fintech Nigeria, Ade Bajomo, said “The digital currency brings the opportunities to reduce poverty and increase financial inclusion. There are opportunities in terms of resilience, accelerating cross border payment, and promoting financial inclusion.”

Bajomo added that it provided an opportunity to explore the Fintech and the digitalisation of Nigeria and empower innovators and financial services companies to innovate.

11 September 2021
Just In: CBN Pegs Transfer Limits To N50k As E-Naira Takes Off October 1

The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1.

In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit.

There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline.

As a means to transact value, the wallet doesn’t compete with existing banks but is awaiting the creation of wallets by banks and other innovators.

Tier one

With the first tier, Speed Wallet can be used by anyone who does not have a bank account. However, users will have to submit a passport photo, a name, birth date and place, a phone number, and their address.

A N50,000 limit is in place for “Send & Receive”. The minimum requirement is the individual’s National Identity Number (NIN), which will be validated. A cumulative balance of N300,000 is fixed each day.

Tier Two

An account with an existing bank is required for users of Tier Two wallets.

The user is limited to sending and receiving N200,000 per day with a Cumulative Balance of N500,000 daily. A Bank Verification Number (BVN) is the minimum requirement for this level.

Tier Three

Tier three allows daily transactions of N1 million, with daily cumulative balances of N5 million. In order to qualify, you need to have at least a BVN.

Those who possess this merchant level can send or receive a million naira daily. A merchant can move as much money as they want into their bank accounts.

However, In context, the Central Bank further disclosed, neither merchants nor customers using the wallet will be charged a fee.

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

The CBN also outlined that 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.”

It further disclosed that 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 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,” the Apex bank added.

In order to catalyse the adoption of e-Naira, banks will facilitate onboarding and provide world-class customer service.

30 August 2021