10 Thing You Should Know About Nigeria e-Naira Crytocurrency Launching Oct 1st

Sometimes last month, Nigeria government announced that it will launch its own crytocurrency, and now the guidelines has been announced. This is everything you need to know about Nigeria e-naira with wallet name speed wallet.

Nigeria e-Naira crytocurrency

1. The Nigeria digital currency (e-Naira) will be regulated, designed, and issued.

2. The Central Bank Digital Currency (CBDC) will be launched October 1st

3. The e-Naira will be accessible to both bank account and non-account holders

4. The CBN is now on course to launch a wallet for its digital currency. This wallet enables the CBN to meet its goal of launching the e-naira by October 1, 2021.

5. The wallet, which is also known as the Speed Wallet, will have three tiers. The tier 1 wallet is open to anyone without a bank account. It also comes with a transfer limit of ₦50,000 and a cumulative balance of ₦300,000 fixed daily.

6. The minimum requirement to open this tier 1 wallet is National Identity card (NIN)

7. For tier 2 wallets users, an existing bank account with a linked bank verification number (BVN) is the minimum requirement for this level. Users are restricted to sending and receiving ₦200,000 daily and having a balance of ₦500,000.

8. Tier 3 wallet holders can transact up to ₦1,000,000 daily with the cumulative balance set at ₦5,000,000. At least a BVN is needed to get this wallet category.

9. Transaction limits on merchant-level wallets are also set at ₦1,000,000 per day, though there are no limits to how much users can have in their accounts.

10. The digital currency infrastructure does not charge for user-to-merchant transactions and P2P wallet transactions.

Finally, after the launch, Nigerian banks can invite all their customers to register for the e-Naira, with necessary validation and verification processes. 

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