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  • Business - Banking & Finance
  • Updated: August 30, 2021

e-Naira: CBN Pegs Transaction Limit At N50,000 For Non-Account Holders

e-Naira: CBN Pegs Transaction Limit At N50,000 For Non-Accou

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

It states that there are three levels to the CBN “Speed wallet” issued primarily to meet the October 1st 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.

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 limit of N50,000 is in place for Send & Receive, and the minimum requirement is the individual’s National Identity Number (NIN), which will be validated. Also, a cumulative balance of N3,000 is fixed each day.

For users of Tier Two wallets, an account with an existing bank is required. 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 allows daily transactions of a million naira, 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 N1 million daily. A merchant can move as much money as they want into their bank accounts, however.

The Central Bank further disclosed that neither Merchants nor Customers using the wallet will be charged a fee.

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