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e-NAIRA

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    e-Naira

    GENERAL ENQUIRY

    What is eNaira?

    eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.

    What is an eNaira wallet?

    The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
    The eNaira wallet is required to access, hold and use eNaira.

    What makes eNaira different from the money in my bank account?

    eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.

    There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.

    The benefits of the eNaira are:

    • Fast, cheap, reliable and available payment channel.
    • Support digital economy.
    • Improved economic activities.
    • Simplified and easy cross border payments and trade.
    • Inclusion of excluded people in the financial system.
    • Improved effectiveness of monetary policies.
    • Ease in tax remittance and collection to support the Country’s growth.

    In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira.

    The Central bank will also be responsible for determining the technical, regulatory and operational standards for eNaira.

    No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

    eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

    Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.

    Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.

    The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.

    • 99.9% service availability.
    • Low charges.
    • Nationwide acceptance.
    • No dispensing errors.
    • Advanced data privacy and security.
    • Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
    • Users can also dial a USSD short code and follow the required steps to perform transactions.

    GETTING STARTED

    For smart phone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.

    For feature phone users, utilize USSD codes and follow the registration prompts.

    The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

    These are different tiers of wallets and they include:

    TIERS CATEGORY REQUIREMENT DAILY LIMIT CUMULATIVE LIMIT

    0

    No Existing Bank Account

    NIN verified telephone number

    20,000

    120,000

    1

    No Existing Bank Account

    NIN verified telephone number

    50,000

    300,000

    2

    Has an Existing Account

    BVN + valid means of identification

    200,000

    500,000

    3

    Has an Existing Account

    Tier 2 requirement + public utility receipt

    500,000

    5,000,000

    To create an eNaira wallet as a merchant/corporate, you will be required to follow the required steps:

    • Visit app stores such as Google Play Store or Apple Store to download the eNaira wallet;
    • Register by providing your Taxpayer Identification Number (TIN) and identify a bank of your choice for validation;
    • Upon successful validation of a merchant’s details by a preferred bank, the merchant’s bank will create a wallet and advise the merchant.
    • As a merchant/corporate, you can open a merchant wallet with full KYC requirements for opening a merchant/ corporate account. The stipulated limits on the wallet are as follows:
    CATEGORY REQUIREMENT DAILY TRANSACTION LIMIT (NGN) DAILY CUMULATIVE BALANCE (NGN)
    SEND RECEIVE

    Account Holders

    BVN, TIN and Bank confirmation

    1,000,000

    No Limit

    No Limit (with auto sweep trigger)

    • As a merchant/corporate, you can open a merchant wallet with full KYC requirements for opening a merchant/ corporate account. The stipulated limits on the wallet are as follows:

    There are several ways to do so

    • Direct transfer from your bank account;
    • Transfer from another wallet either individual or merchant;
    • Cash payment through an agent or a bank.

    DISPUTE RESOLUTION

    Reach out to our customer service via 07007730000 and you dispute will be resolved as soon as possible.

    If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via helpdesk@enaira.com

    Yes. The eNaira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.

    For further enquiries on any of our products and services kindly contact us on 07007730000 or email us: helpdesk@enaira.com

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