CBN Releases Regulatory Guidelines On The Newly Launched E-Naira

The Nigerian Central Bank has issued a regulatory guideline for the eNaria.

According to documents obtained by Nairametrics and marked “REGULATORY GUIDELINES ON THE eNAIRA,” this is the case.

The document, as well as the recommendations, will apply to all financial institutions and eNaira users.
Users will have the option to reveal whether the eNaira wallet they are creating will be operated for themselves or as trustees during the onboarding process.

According to the document,

“The Central Bank of Nigeria (CBN) is empowered to issue legal tender currency, ensure the financial system, and promote the development of electronic payments systems under the Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020.
In order to fulfill its mandate, the Bank is issuing the following instructions for the operation of the eNaira.

“The eNaira is the CBN’s digital version of the Naira, which it issues in accordance with Section 19 of the CBN Act. It is the Bank’s direct liability, legal tender, and will become part of the currency in circulation, equal to the physical Naira (that is 1:1).

“The eNaira will serve as a cost-effective, efficient, widely accepted, safe, and trusted alternative to the old Naira. It will also improve the efficiency of monetary policy, strengthen the government’s ability to implement targeted social measures, and increase remittances through official channels.”

“To access, use, and hold eNaira, you must have an eNaira wallet. The eNaira will be convertible into other CBDCs (Central Bank Digital Currencies).”

The Central Bank of Nigeria (CBN) will use the Digital Currency Management System to mint and issue eNaira (DCMS).

Financial institutions must have a treasury eNaira wallet in order to retain and administer Naira on the DCMS.

FIs use the Financial Institutions (FI) Suite as their primary application to manage their digital currency holdings, requests, and redemptions with the CBN.

The eNaira stock wallet is owned only by the Central Bank of Nigeria (CBN), and it will keep all eNaira issued.

Two-factor authentication and other security measures will be used to improve the security of the eNaira wallet.

The Guide to Bank Fees, Other Financial and Non-bank Financial Institutions will apply to eNaira transaction fees.

Financial institutions must comply with the Money Laundering (Prohibition) Act 2011 (as amended), the Terrorism (Prevention) Act 2011 (as amended), and other current anti-money laundering rules and regulations published by the Central Bank of Nigeria (CBN) from time to time.

The user’s preferred FI Helpdesk will handle consumer complaints about the eNaira. If the FI Helpdesk is unable to resolve the problem, it will be referred to the eNaira Helpdesk, which may be reached at 0800myeNaira (0800 6936 2472) or [email protected]

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