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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

Funds expended on political campaigns in Nigeria is now a critical component of Nigerian corruption…Otunba Opeyemi Agbaje,Chairman Afenifere Ogun state

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The Ogun state Chairman of Afenifere,a vibrant and active social Political group,Otunba Opeyemi Agbaje spoke extensively with our News medium on INEC’s demand for all candidates to declare their bank assets prior to the 2023 General elections and other concerned issues.

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In his words on INEC and Party Candidates Bank assets,he said “My first concern is what is INEC’s definition of “bank assets?” Is it just bank account balances or more than that? If its just bank account balances, I doubt what practical use such information will be to INEC.

Secondly, I wonder whether INEC has the legal authority to request candidates to declare their “bank assets”. Yes the agency is authorised to monitor campaign expenditure but does that ipso facto confer on them the power to request bank balances? I’m not so sure of that. Code of Conduct Bureau and perhaps EFCC or ICPC may have such authority but its not clear that INEC does.”

Responding to the commission’s move to establish a finance monitoring teams,Otunba Opeyemi Agbaje says, “It is desirable and proper for INEC to establish mechanisms to monitor campaign finance and expenditure. The funds expended on political campaigns in Nigeria have become unreasonably huge and is now a critical component of Nigerian corruption and political dysfunction. I support any lawful effort to constrain and control this issue within the ambit of the law.”

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The Ogun State Afenifere chairman emphasized that The EFCC and Deposit Money Banks have the responsibility to report suspicious financial transactions and he support leveraging this mechanism to monitor campaign finances…

“The Constitution guarantees freedom of association to all Nigerians so I can understand as many parties as possible seeking INEC registration. As a practical matter of course I recognise the operational, logistics and political difficulties inherent in having too many political parties. Nevertheless I believe every legitimate and conscientious political tendency should have the right to express themselves through a political party.”Otunba Agbaje maintained.

“I am excited at the news that youths and students top new voters registrations. I urge all youths, students, professionals, workers and indeed all Nigerians who are yet to register to do so. We can aim to register 12 million additional voters before the General Elections and take new registrations to over 20million!!! I know that’s an ambitious target but we need ambitious objectives and goals if we must reform and transform Nigeria.The Youths deserves encouragement to take up challenges and prepare for the future.

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Presently, Afenifere Social Political group is made up of very active, focused and visionary youths with their membership growing by the day,”he added

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