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Central Bank of Nigeria caps transfer limit for e-Naira at N50,000

According to the central bank, e-Naira will be officially unveiled later this year

The Central Bank of Nigeria (CBN) has decided to put a limit on the transfer limit for the e-Naira, which is set to be unveiled later this year. The central bank has capped the transfer limit at N50,000.

CBN Governor, Mr. Godwin Emefiele said in a statement, “Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process for the CBN, with the bank’s decision to digitise the Naira in 2017, following extensive research and explorations.

“Given the significant explosion in the use of digital payments and the rise in the digital economy, the CBN‘s decision follows an unmistakable global trend in which over 85 percent of central banks are now considering adopting digital currencies in their countries.”

The central bank further revealed that it will work with Barbados-based Bitt as a technical partner in its bid to launch its own cryptocurrency. Bitt is known for the development of the Eastern Caribbean Currency Union’s DCash.

Last month, CBN issued a set of new guidelines to further regulate the Mobile Money Operators (MMO) in the country. The last time amendments were made was in 2015, since then, a lot of development has taken place when it comes to mobile money.

Now, mobile money operators in Nigeria will be able to offer savings wallets, which will be operated with settlement banks and the funds held in these wallets are insured with the Nigerian Deposit Insurance Corporation (NDIC).

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