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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

Ijaws Diaspora: Queen Josephine Diete-Spiff of Twon Brass Kingdom Seeks Collaboration to Tackle Poverty, Trafficking, Violence Against Ijaw Women

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Queen of Twon Brass Kingdom and President of the Queens of the Niger Delta Initiative, Her Majesty, Dr Josephine Diete-Spiff, Esq JP called on the Ijaws in Diaspora on the need for an effective and efficient collaboration to meet the yearning and aspirations of Ijaw women in order for them to be empowered to achieve their fullest abilities and potential in every sphere of their life.

The Royal Queen made the call during her paper presentation on the occasion of the Ijaw Diaspora Convention held recently in New Jersey, United States of America.

Speaking on the theme: “Effective Collaboration with the Ijaw Diaspora: Hope for the Ijaw Women”, Queen Josephine noted that the Ijaw woman is majestic, full of strength, beautiful, hardworking, long-suffering, compassionate and caring for her children and loved ones.

She said that the description which depicted a typical Ijaw woman as with a pan on her head, a baby wrapped on her back and her work implements in her hands, ready to provide for the family under the hot African sun and Niger Delta rain, unperturbed by the harsh experiences of life shows she is tenacious and hardworking.

She said, “Unfortunately, today, the evil of industrialization in the name of oil and gas extraction and the attendant land grab/pollution have put a lot of our women out of the traditional livelihood occupation of fishing and farming which gave them prosperity in the past thus pushing them into poverty and loss of control of the children-a basis for the numerous vices among our youths today.

According to her, Ijaw women are mostly breadwinners and the nurturers of their families, adding that their livelihood was greatly impeded by the challenging environment of the Niger Delta, which though rich in oil and income generating opportunities, same are out of the reach of the Ijaw woman.

The wife of the former Rivers State Military Governor further emphasized that Ijaw women are agents of social change, if given the opportunity, adding that a collaboration with the Ijaw Diaspora will be a welcome development in changing the narrative of Ijaw Women in the livelihood scheme of survival.

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“The Ijaw woman’s means of survival are also threatened by a growing trend of farm produce theft and flooding. Added to her woes are kidnapping, herder invasion, and early widowhood, leading to loss of socio-economic subsistence. She also suffers from the attendant factors of poverty increased by lack of education, susceptibility to violence, cultism, health challenges, underage motherhood, in addition to some harmful traditional practices. The list is endless.”

Proposing avenues which require effective partnership, Queen Josephine called on the Ijaw Diaspora to collaborate with Ijaw women in homeland in areas of Interventions in Violence and Ill-Treatment Against Ijaw Women, Ijaw Women/Girl Child Education, Ijaw Women Empowerment, Encouraging Ijaw Women to Participate in Politics and take up Leadership Positions.

“It’s undeniable that the Ijaw Diaspora has assets for collaboration due to their international exposure, international contacts, financial resources, human and mental resources that override the economic capabilities of their counterparts in the homeland. Therefore, they can offer training, assist in primary healthcare, provide resources and partner with the Ijaw women in their homeland.

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“Collaboration with the Ijaw diaspora will be impossible without a formidable platform for operational collaboration and communication. One, therefore, recommends the creation of a most needed platform for efficient synergy between Ijaw diaspora and Ijaw women at home.

“So that the local Ijaw women can be empowered to achieve their fullest abilities and potential in every sphere of their life. For every Ijaw woman to fulfil the requirements of her heart and be free from any form of oppression, she needs to be liberated and confident in herself. Her desired accomplishment in life is a sine qua non for the benefit of the Ijaw ethnic nationality”, she stressed.

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