Following the launch of Nigeria’s Digital Currency platform by President Muhammadu Buhari on Monday,The Central Bank of Nigeria has announced that all transactions on the newly launched platform will be free for 90 days and applicable charges would take effect thereafter.
The apex bank disclosed further that electronic fund transfers below ₦5,000 attracts ₦10 charges; ₦5,001 to ₦50,000 is charged ₦25 while transfers above ₦50,000, attracts a ₦50 charge.
The bank also noted that phone numbers without National Identification Number will have a daily transaction limit of ₦20,000 while the maximum capacity on the account is ₦120,000.
For phone numbers with NIN(Tier 1) the daily transaction capacity is ₦50,000 and maximum balance of ₦300,000 on the account.
Tier 2 accounts will have a daily capacity of ₦200,000 and ₦500,000 maximum balance while Tier 3 account holders can transact up to ₦1M daily and hold a maximum balance of ₦5M.
However, merchant account holders have access to unlimited transactions.
The apex bank describes merchants as individuals or organizations who have been legally authorized to conduct business in the Country.