REGULATORY GUIDELINES ON THE ENAIRA

Guidelines govern the use of the eNaira, Nigeria's digital currency, including onboarding and transaction limits. They target wallet users, banks, merchants, and the regulator. This ensures safe adoption and financial inclusion.

What Is This Policy?

CBN's regulatory guidelines governing the eNaira — Nigeria's central bank digital currency (CBDC) — including onboarding, usage limits, merchant acceptance, AML compliance, and consumer protection requirements.

Who Does It Target?

eNaira wallet users (consumers and businesses) Banks and fintech companies onboarding eNaira wallets Merchants accepting eNaira payments CBN as the issuer and regulator

What Does It Aim to Achieve?

Provide a clear regulatory framework for the eNaira as a digital form of Nigeria's legal tender, ensuring safe adoption, financial inclusion, and compliance with AML/CFT requirements.

Key Features

Wallet Categories: Defines different wallet tiers with varying transaction and balance limits based on customer verification level. Merchant Acceptance: Prescribes requirements for merchants to accept eNaira as a legal payment method. Interoperability: eNaira wallets must be interoperable with bank accounts and other payment systems. AML Compliance: Mandates KYC and suspicious transaction reporting for eNaira transactions.

Current Status

Rollout Stage: Active — eNaira launched October 2021 Coverage: Nationwide digital currency ecosystem Beneficiaries: Unbanked Nigerians; financial inclusion; digital economy Funding: CBN

How to Access

Download the eNaira Speed Wallet app or access through your bank Basic wallet available with just a phone number — no bank account required Merchants apply to onboard through their banks Application method: Download eNaira Speed Wallet or access through CBN-licensed banks.

Important Terms

eNaira is legal tender equal in value to physical naira — merchants may not refuse it Tier 1 wallets have low transaction limits — upgrade with BVN for higher limits eNaira transactions are traceable by CBN for AML compliance purposes

Impact & Metrics

Over 13 million eNaira wallets created since launch; adoption accelerated during currency scarcity periods.

Official Resources

Website: https://www.enaira.gov.ng Contact: Central Bank of Nigeria (CBN)

Legal Framework

Issued under the regulatory powers of the Central Bank of Nigeria (CBN) pursuant to the CBN Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020. Operates alongside the Money Laundering (Prevention and Prohibition) Act 2022, the Cybercrime (Prohibition, Prevention, etc.) Act 2015, and the Nigeria Data Protection Act 2023. Aligns with FATF Recommendations on virtual assets and the BIS framework for central bank digital currencies.