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CBN says eNaira would be free for 90 days, 33 banks already on the platform

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
October 26, 2021
in Currencies, Spotlight
CBN forex restrictions on food itemsCBN approves new cheque standard for banks, Banks complex documentation makes it harder to access foreign exchange for Nigerians
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Godwin Emefiele, the Governor of the Central Bank of Nigeria has announced that 33 Nigerian banks have joined the eNaira platform, with the apex bank minting N500 million in digital money.

The apex bank’s governor also mentioned that for the next 90 days, the eNaira will stay free of charges as it has already gotten the attention of a lot of users.

Emefiele said this at a ceremony at the Presidential Villa in Abuja on Monday to unveil Nigeria’s Central Bank Digital Currency.

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Read: A quick review of the eNaira app

What the CBN Governor is saying

Emefiele said, ”33 banks are fully integrated and are live on the platform. 500 million has been successfully minted by the Bank, N200 million has been issued to financial institutions, over 2,000 customers have been onboarded and over 120 merchants have successfully registered on the eNaira platform.”

The CBN Governor further stated that the eNaira and the physical Naira are both legal tender with the same value and will be accepted throughout Nigeria.

”As the tagline simply encapsulates, the eNaira is the same naira with far more possibilities. The eNaira, like the physical naira, is a legal tender in Nigeria and a liability of the CBN. The eNaira and naira will have the same value and will always be exchanged at 1 naira to 1 eNaira,” he said.

Read: Buhari says eNaira will increase Nigeria’s GDP by $29 billion in 10 years 

Since the eNaira platform went live, the website has received over 2.5 million daily visits, according to Emefiele, who also promised that the platform will continue to grow. He said, “there would be strict adherence to the Anti-money Laundering and Combating the Financing of Terrorism standards in order to preserve the integrity and stability of Nigeria’s payment system.”

The CBN also said, “The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021, and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.”

The apex bank disclosed this in the framework titled, ‘eNaira Circular and Guidelines’ released on Monday.’

Tags: CBNCentral Bank of NigeriaeNaira
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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Comments 6

  1. Gideon Fayomi says:
    October 26, 2021 at 1:45 pm

    This idea is really futile

    Reply
  2. babaztee says:
    October 26, 2021 at 4:31 pm

    Does ENaira has an Offline Wallet?

    Reply
  3. Patrick Atagana says:
    October 27, 2021 at 5:16 am

    Can the enaira be used to pay for goods abroad

    Reply
  4. Shamdeen Danazumi says:
    October 27, 2021 at 2:23 pm

    I filled the cover 19 no results

    Reply
  5. Shamdeen Danazumi says:
    October 27, 2021 at 2:25 pm

    I filled cover 19 no results

    Reply
  6. Anas Ahmad says:
    October 28, 2021 at 5:32 am

    Nice

    Reply

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