e-Naira: CBN sets N50, 000 transaction limits for non-account holders

Latest news in Nigeria is that e-Naira project Latest news in Nigeria is that e-Naira project

The Central Bank of Nigeria in a detailed presentation sent to Nigerian banks on the e-Naira project set a N50, 000 transaction limits for non-account holders.

The CBN in the report notes that the e-Naira project is a legal tender for the entire country adding that it will have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.

The report notes that as a means to transact value, the e-Naira project 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, e-Naira project users will have to submit a passport photo, a name, birth date and place, a phone number, and their address.

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