CBN Regulatory Guidelines on eNaira

CBN Regulatory Guidelines on eNaira

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CBN Regulatory Guidelines on eNaira.

The Central Bank of Nigeria CBN unveil Regulatory Guidelines on eNaira after being officially launched today, “President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja.”

The Apex bank of Nigeria immediately release CBN Regulatory Guidelines on eNaira, these comprise all stipulated frameworks on the usage of the digital currency.

CBN Regulatory Guidelines on eNaira

Some of the CBN Regulatory Guidelines on eNaira on end users are as follow:

  • eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.
  • eNaira speed wallets shall be available for end users to transact on the eNaira platform
  • Security anf Privacy The two-factor authentication and other measures shall be adopted to ensure the security of eNaira wallet.

Consumers are the end users of the eNaira and their roles are specified below:
a) Creating eNaira speed wallets and funding it;
b) Utilising eNaira as an alternative payment option for legitimate transactions;
c) Protecting their eNaira speed wallet access credentials; and
d) Notifying financial institutions in the event of fraud/complaints/disputes

How to enrol/ Register on eNaira

For a successful self-service enrollment on the eNaira Speed App, the mandatory requirements for some BVN details must match similar details attached to the consumer’s profile at the BVN database. Consequently, there is need for consumers to familiarize themselves with details of their BVN profile to identify and rectify gaps or stale information
(especially email address) through their banks. The relevant information for a successful
BVN validation check are:
a) First Name;
b) Last Name;
c) Date of Birth (DD/MM/YYYY);
d) State of Origin;
e) Email; and
f) Phone Num

Unique Identifier: Unique identifier will serve as a means of verification of the users.
The TIN, NIN and/or BVN shall be used as unique identifiers:
a) TIN shall be for corporate entities;
b) NIN and/or BVN shall be for individuals; and
c) BVN shall be for
merchants that are not corporate entities.

For detail regulatory guidelines click here to download from CBN portal

To download eNaira Android App, click here

For more information on eNaira, refer to CBN website

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