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NIGERIA E-NAIRA: HOW CBN SETS N50,000 MAXIMUM TRANSFER LIMITS FOR NON-ACCOUNT HOLDERS

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The detailed presentation sent to Nigerian banks on the e-Naira project mentioned that it will have a transaction limit for customers, non-interest-bearing CBDC status, and an account value limit.

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

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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.

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 fifty-thousand-naira 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 three hundred thousand naira is fixed each day.

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An account with an existing bank is required for users of Tier Two wallets. The user is limited to sending and receiving two hundred thousand naira per day with a Cumulative Balance of half a million naira daily. A Bank Verification Number (BVN) is the minimum requirement for this level.

Tier three allows daily transactions of a million naira, with daily cumulative balances of five million naira. 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.

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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.

Recall that report indicated on Sunday that the CBN recently sent a presentation to Nigerian banks about the eNaira project, revealing more details about its design and operational module. The presentation described how the new currency would be designed and operated.

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

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.

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Onboarding will be done for customers who have a code assigned by their banks. The banks have already validated and verified these customers.

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.

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Nigeria

Queen Josephine Diete-Spiff bags “Hero of Gender Advocacy Award”

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The Twon Ibe Opuyingibo 1, of Twon Brass Kingdom,Her Majesty Queen Dame Josephine Aruoriwo Diete-Spiff Esq was honoured by the International Centre for the Research on African Women in Nation Building and Gender Studies (ICRAWINGS) as “HERO OF GENDER ADVOCACY” for selfless and incomparable contributions towards uplifting the living standard of Women and Girl Child in Bayelsa, Nigeria and Africa at large.

The event which was held in Abuja to commemorate the 16 days activism against sexual and gender based violence according to the organization (ICRAWINGS), which is under the authority of Standtall Africa Initiative (STAi).


The Award programme was Graced by His Majesty,King Alfred Pepepreye Diete-Spiff of Twon Brass Kingdom, important dignitaries from all works of life and captains of Industry.

Responding,the Awardee, Queen Josephine Diete-Spiff requested that everyone should join her to thank God for yet another feather added to her already crowded and adorned crown as she bags the Hero of Gender Advocacy Award from such a reputable and life impacting organization.


Dame Josephine Diete-Spiff,a Queen & Matriarch of Twon Brass Kingdom, Bayelsa State, Past Chairperson, Bayelsa State Traditional Rulers Wives Association (BSTWA), President, Royal Queens of the Niger Delta Initiative,

Patron, Advocate for Maternal and Child Health Award – National Council
Women Societies of Nigeria. (NCWS).

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Woman of Excellence in Nigeria Award – Thisday Newspaper

Award of Honour to the growth of Entrepreneurship and HR
Development -AETMAN

Distinguished Service Award (DISA) as an Icon of
Transformation- International Centre for Population & Development
Activities (CIPA)

Most Respected Women Professionals in Nigeria, Virtuous
Amazon -The Guardian Newspaper

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Gold Award for Selfless Service to Humanity -NEPAD
Bayelsa State

Golden Jubilee Nigerian Women Award for Leadership –
Radio Nigeria

Award of Honour as an Investor in Education – Celebrity Int.
Education Festival

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Golden Advocate Award for an immense contribution towards
the progress of the Nigerian Child – African Children Emergency
Foundation (ACEF)

Award of Honour as the most outstanding Queen/Female
Humanitarian of 2018 – Ijaw Women of Substance Worldwide

Lifetime Achievement Award for Humanitarian Services –
Catholic Chaplaincy of the Nigeria Police Force: Our Lady of
Victory Chaplaincy.

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Humanitarian Award for selfless Service– Rotary Foundation
International

Selfless Service Award 2012 by Gesi Publications, Bayelsa
State.

Patron, Red Cross Society, Port Harcourt, Patron, Nigerian Girl Guide Association

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Chairperson, Board of Trustees; Foundation for Children Orientation, President & Founder Lady Josephine Akporero Diete-Spiff Foundation for Widows, Physically Challenged, Orphans and the Aged.

Matron, Women Wing, Rivers State Chapter of HostCom,

Past Chairperson, NECA’s Network of Entrepreneurial Women, South-South, Nigeria.

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Past National President, Ladies Golf Union of Nigeria and many more.

She has also been described because of her several endeavours as A Royal Mother, an Advocate, Humanitarian, Educationist,dogged supporter of Living Visions and Recipient of local and global awards.

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