Oyogist has learned that the Central Bank of Nigeria had recently sent a presentation to Nigerian banks about the eNaira project, throwing more light about the product design and operational module.
The presentation according to sources, described how the new currency would be designed and operated.According to the report, the e-Naira is a legal tender for the entire country.
The report also highlighted that it will have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.
Participants in the e-Naira program are featured in five stages, including:
1. Monetary Authority Suite; The Central Bank will be handing the first product component that includes issue, distribute, redeem and destroy the currency. Store data on a cloud server, monitor and analyse currency transactions.
2. Financial Institution Suite; licensed financial institution will be able to request currency or issue stablecoins, manage digital currency across branches, KYC, identify and AML compliance capability.
3. eGovernment Suite; the government will b able to efficiently process digital payments sent to and received from citizens and businesses.
4. Merchants will provide low-cost payment and business management software, POS, remote payment solutions, online capabilities, transaction analysis and reconciliation.
5. 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.
Nigerians while reacting to this recent development, urged the CBN to consider the transaction cost for the e-Naira wallet.