The Central Bank of Nigeria (CBN) has capped daily transactions in the proposed eNaira at N500,000 for premium users.
The apex bank, in the design paper sighted by The Guardian, has broken the categories of users into four. Daily transactions and cumulative balances of the top users are pegged at N500,000 and N5 million.
The top two categories of users are required to have account numbers with Bank Verification Number (BVN) and bank accounts. But the second top users are tied to maximum daily spending of N200, 000, as their maximum daily cumulative balance is N500,000.
The least users, who are only required to hold telephone numbers while awaiting the National Identity Number (NIN), are entitled to an upper daily spending limit of N20,000 and a cumulative balance of N120,000. This category refers to millions of financially excluded Nigerians.
The document also captures another layer of users with both phone numbers and NINs. Individuals in this group could spend as much as N50 000 daily and accumulate N300,000.
Corporate users, according to the template, can also create wallets without limits. The CBN regards BVN and NIN as unique identifiers for the operation of wallets by individuals.
“Based on this tier structure, the BVN and NIN will serve as unique identifiers. Each wallet is tied to a BVN or NIN depending on the tier and can only be used once to prevent duplicate identities and wallet creation on the eNaira platform.
Both individuals and corporate account holders will be able to create wallets and use the platform for transactions. Corporate account holders will create merchant wallets with no limits,” the concept document clarified.
The document explained that eNaira is designed to mimic the physical naira, but stressed that “will not earn interest.”
“This only closely aligns with the overall framework of the eNaira which is to complement existing banking products and services and not destabilise the existing system. The eNaira is a digital representation of the physical naira and as such, shares all its characteristics, including value. The conversion rate for the eNaira to cash is at par, hence one naira will equal one eNaira,” it stressed.
source: guardian ng
