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CBN says Nigerians will enjoy free transactions on eNaira for 90 days

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Aishat Ibrahim

Following the launch of Nigeria’s first digital currency, the Central Bank of Nigeria (CBN) has announced that charges for transactions made on eNaira will be free for 90 days.

The apex bank stated this in the ‘eNaira Circular and Guidelines’ released on Monday.

“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 circular read in part.

The CBN, however, said that it will be reversed to its stipulated charges by banks and other financial and non-financial institutions at the end of the free period.

It further noted that Electronic Funds Transfer below N5,000 is charged N10 while N5,001 – N50,000 is charged N25 and for above N50,000, N50 is charged respectively.

The eNaira, launched on Monday, was described as the first digital currency in Africa.

The apex bank has also rolled out two applications for the digital currency — eNaira speed wallet and eNaira merchant wallet.

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