CBN To Launch E-Naira: Gives Guidelines to Nigerian Banks on E-Naira

CBN To Launch E-Naira: Gives Guidelines to Nigerian Banks on E-Naira: The Central Bank of Nigeria has come up with an operational module to give the Naira a stable value, nairametrics explained

If all go according to plan, the e-naira will be a legal tender that will be generally accepted in the country as a means of exchange

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The E-naira platform will be supported by five key stages

Retail Consumer Suite;

  • Features user-centred designs for a great user experience.
  • The architecture will be expandable to enable innovation; features advanced privacy and security.
  • The proposed transaction cost for the e-Naira wallet was also outlined by the Nigerian Central Bank.
  • The digital currency infrastructure does not charge for user-to-merchant transactions and P2P wallet transactions.
  • It shall be the responsibility of Nigerian banks to promote and market the centrally issued digital currency as a cash alternative to existing and potential customers in support of the Nigerian apex bank’s goal for financial inclusion.

Monetary Authority Suite;

The CBN will supervise the monetary authority, which encompasses:

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  • Issue,
  • Distribute,
  • Redeem And
  • Destroy The Currency.
  • Store Data On A Cloud Server,
  • Monitor And
  • Analyse Currency Transactions.

Financial Institution Suite;

The registered financial institution will:

  • Be able to request currency or issue stablecoins,
  • Manage digital currency across branches, KYC,
  • Identify and AML compliance capability.

eGovernment Suite;

Merchants will provide

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  • low-cost payment
  • Business management software,
  • POS,
  • Remote payment solutions,
  • online capabilities, t
  • Ransaction analysis and
  • Reconciliation.

CBN Gives Guidelines to Nigerian Banks on E-Naira

“In order to catalyze the adoption of the e-naira, banks will facilitate onboarding and provide world-class customer service”

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“Nigerian banks will be allowed to invite all their customers to register for the e-Naira. Besides pre-generated codes, the banks can send invitation codes for onboarding to a specific list of selected customers”

“Onboarding will be done for customers who have a code assigned by their banks. The banks have already validated and verified these customers”

“As part of the digital currency initiative, Nigeria’s central bank has made clear that NIBSS and other switching platforms will still be relevant, existing infrastructure can be integrated and leveraged in the e-Naira implementation”

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