Days Till Launch
Frequently Asked Questions
While efforts will be made to put signages and decals at designated merchant locations, customers can simply ask the merchants if they accept eNaira.
Yes. The eNaira and Cash are all variants of the legal tender. Either or both can be used to carry out transactions as the situation demands.
No. In order to move cash into your eNaira wallet, kindly go to your bank.
eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
The eNaira wallet is required to access, hold and use eNaira.
The eNaira wallet is required to access, hold and use eNaira.
eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.
The benefits of the eNaira are:
- Fast, cheap, reliable and available payment channel.
- Support digital economy.
- Improved economic activities.
- Simplified and easy cross border payments and trade.
- Inclusion of excluded people in the financial system.
- Improved effectiveness of monetary policies.
- Ease in tax remittance and collection to support the Country’s growth.
- Ease in targeted social interventions to support Nigerians.
In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira.
The Central bank will also be responsible for determining the technical, regulatory and operational standards for eNaira.
The Central bank will also be responsible for determining the technical, regulatory and operational standards for eNaira.
No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.
eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.
Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.
Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.
The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.
- 99.9% service availability.
- Low charges.
- Nationwide acceptance.
- No dispensing errors.
- Advanced data privacy and security.
- Instant settlement.
- 99.9% service availability and reliability.
- Low charges.
- No dispensing errors.
- No reconciliation issues.
- Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
- Users can also dial a USSD short code and follow the required steps to perform transactions.
You can transfer eNaira to and from:
- Individual to another (Person to Person - P2P)
- Individual to Business/Merchant (Person to Business - P2B) / Business to Person (B2P)
- Individual to Government (Person to Government (P2G) / Government to Person (G2P)*
- Cash or Bank account to eNaira wallet; and
- eNaira wallet to cash or bank account
Merchants can transfer eNaira to and from:
- Their eNaira wallet to their Bank Accounts or Bank Account to their eNaira wallets (via e-banking channels)
- Their eNaira wallet to Person (M/B2P) or Person to their eNaira wallets (P2M/B)
- Their eNaira wallet to another Merchant/Business eNaira wallet; and Cash to eNaira
No, individual customers can only create consumer wallets. However, if interested in the merchant wallet for their business, he or she should contact their Financial Institution.
They are both forms of holding money electronically. However, the eNaira wallet resides with the Central Bank of Nigeria, while the other resides in your Bank. Nevertheless, both are safe and secure.
It is an alternative means of payments that is safe, secure and efficient.
Although the eNaira is not a convertible currency at the moment, merchants everywhere in the world are free to accept it for cross-border settlements.
This option shall be available in the near future.
As it relates to transaction charges, Central Bank Digital Currencies (CBDCs) are designed globally to provide a cheaper alternative to existing payment platforms. Subsequently, the eNaira charges will follow this convention.
For further details, please see the Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.
For further details, please see the Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.
For smart phone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.
For feature phone users, utilize USSD codes and follow the registration prompts.
For feature phone users, utilize USSD codes and follow the registration prompts.
The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.
These are different tiers of wallets and they include:
| Tiers | Category | Requirement | Daily Limit | Cumulative Limit |
|---|---|---|---|---|
| 0 | No Existing Bank Account | NIN verified telephone number | 20,000 | 120,000 |
| 1 | No Existing Bank Account | 50,000 | 300,000 | |
| 2 | Has an Existing Account | BVN + valid means of identification | 200,000 | 500,000 |
| 3 | Has an Existing Account | Tier 2 requirement + public utility receipt | 500,000 | 5,000,000 |
To create an eNaira wallet as a merchant/corporate, you will be required to follow the required steps:
- Visit app stores such as Google Play Store or Apple Store to download the eNaira wallet;
- Register by providing your Taxpayer Identification Number (TIN) and identify a bank of your choice for validation;
- Upon successful validation of a merchant’s details by a preferred bank, the merchant’s bank will create a wallet and advise the merchant.
As a merchant/corporate, you can open a merchant wallet with full KYC requirements for opening a merchant/ corporate account. The stipulated limits on the wallet are as follows:
September 2021 Category Requirement Daily Transaction Limit (NGN) Daily Cumulative Balance (NGN) Send Receive Account Holders BVN, TIN and Bank confirmation 1,000,000 No Limit No Limit (with auto sweep trigger) - The limit on send is for P2P or B2B. There is no limit for SWEEP transactions from merchant wallet to merchant bank accounts.
There are several ways to do so
- Direct transfer from your bank account;
- Transfer from another wallet either individual or merchant;
- Cash payment through an agent or a bank.
Merchants need to have an account with a particular bank to enable the merchant onboard via that bank. The bank would then conduct a KYC verification before approving the merchant’s request.
Reach out to the customer support of the bank you selected when registering for eNaira through their available channels which include: phone, email, whatsapp, etc. Disputes will be resolved as soon as possible.
If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via [email protected]
If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via [email protected]
Yes. The eNaira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.
Lodged a Complaint About eNaira?
You can track the complaint on the official CBN Consumer Complaint Management System (CCMS) using the reference/tracking number sent to your email