The Central Bank of Nigeria has placed a N1 million limit on eNaira transactions by merchants, according to a guideline on the usage of the digital currency.
While the N1 million ceiling is placed on sending and receiving money per transaction on the eNaira, there is no limit to the amount merchants can sweep to their bank accounts.
The regulator is however working out the final transaction costs for digital currency users.
The Project Giant, unveiled by the CBN to banks, sets limits for eNaira transactions to be conducted by digital currency users with banks and merchants.
According to the CBN presentation, Tier 1 consumers with no existing bank account are to conduct daily transaction sending and receiving limit of N50, 000 each and cumulative daily balance of N300, 000.
For Tier 2 consumers (those operating bank accounts), the CBN pegged daily transaction for sending and receiving at N200, 000 each with N500, 000 cumulative balance.
The CBN pegged daily transaction for sending and receiving for Tier 3 consumers (with existing accounts) at N1 million each and cumulative daily balance at N5 million.
Banks are expected to market and promote the adoption of eNaira as a digital version of cash to existing and potential customers in support of financial inclusion objective of the CBN.
According to the guidelines, Deposit Money Banks (DMBs) will be allowed to invite all their customers to register for the eNaira.
