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eNaira: How CBN Wants to Drive in Customers from Commercial banks

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It no longer news that Nigeria has launched it first digital currency platform called “eNaira”.

eNaira according to Central Bank of Nigeria (CBN) is a platform to execute fast, secure transaction through peer to peer.

The actual goal of the eNaira app is yet to made known as a matter of fact, should you ask lot of Nigerians about the app, they will hardly say much about it.

Meanwhile in a related development Central Bank of Nigeria (CBN) also released some guidelines in the use of eNaira, below are the guidelines.

To ensure security of funds, the enaira is expected to have two-factor authentication and other measures.
Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number, was set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

From the above it obviously clear that, CBN by all means wants to take customers away from commercial banks to themselves through the eNaira app.

If the eNaira gets fully utilize amongst Nigerians then in little or no time all commercial banks in Nigeria will become empty.

With the eNaira CBN will be fully in control of cashflow in Nigeria and thereon more funds will go directly to Central Bank of Nigeria.

Lastly there is no difference between the Abeg app and eNaira.

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