E-Naira: CBN Sets N50,000 Maximum Transfer Limits For Non-Account Holders

E-Naira: CBN Sets N50,000 Maximum Transfer Limits For Non-Account Holders. what is the maximum amount needed to operate the account?

The detailed presentation sent to Nigerian banks on the e-Naira project mentioned that it will have a transaction limit for customers, non-interest-bearing CBDC status, and an account value limit.

There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1st deadline.

As a means to transact value, the 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, users will have to submit a passport photo, a name, birth date and place, a phone number, and their address.

E-Naira: CBN Sets N50,000 Maximum Transfer Limits For Non-Account Holders. The fifty-thousand-naira limit is in place for Send & Receive while the minimum requirement is the individual’s National Identity Number (NIN), which will be validated. A cumulative balance of three hundred thousand nairas is fixed each day.

An account with an existing bank is required for users of Tier Two wallets. The user is limited to sending and receiving two hundred thousand Naira per day. This is with a Cumulative Balance of half a million naira daily. A Bank Verification Number (BVN) is the minimum requirement for this level.

Tier three allows daily transactions of a million naira, with daily cumulative balances of five million Naira. In order to qualify, you need to have at least a BVN.