Ahead of the scheduled date for the launching of Nigeria’s digital currency tagged ‘eNaira ’, Nigerians in their numbers have reacted to the development. The initiative which is set to commence on a rescheduled date of October 25, 2021, after an official launch by President Muhammadu Buhari.
Before we proceed, it is pertinent to understand what an eNaira is and its operational modalities. eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
By way of contrast with the traditional physical cash in a bank, it is imperative to note that the eNaira is the digital form of cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
Teeming readers who have contacted naijabusiness.com.ng have inquired over how to open eNaira account and modalities bothering over the modus operandi of the initiative. In a bid to bridge this lacuna, we decided to come up with this detailed explanation on how to effectively open an eNaira account.
Step by Step guide for opening an eNaira account (Individual)
Individuals who wish to open an eNaira account are urged to do the following;
• Download eNaira app (termed ‘’Speed’’) from either the Google Play Store or Apply Playstore OR scan the QR code available on the official website of the scheme to get started. The website is available HERE
• Enter invitation code received from bank.
• Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
• Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
• Minimum ID is validated.
• You will receive a notification from your financial institution.
• Log in to account
The different tiers of eNaira wallet that individuals can open are;
READ: 7 things you should know about Nigeria’s first digital currency, eNaira
Tier One – Customers without Existing Bank Account
o Minimum Account Opening Requirement: NIN
o Daily Transaction Limit: N50,000
o Maximum Cumulative Daily Balance: N300,000
Tier Two – Customers with Minimal Spending Abilities
o Minimum Account Opening Requirement: BVN
o Daily Transaction Limit: N200,000
o Maximum Cumulative Balance: N500,000
Tier Three – Customers with Regular Spending Abilities
o Minimum Account Opening Requirement: BVN
o Daily Transaction Limit: N1,000,000
o Maximum Cumulative Balance: N5,000,000
Step by Step Guide for Opening an eNaira account (For Business/Merchant)
For businesses to operate the eNaira account, they need to;
• Downloads eNaira Mobile App through the aforementioned sources.
• Enters invitation code from bank and validates it.
• Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
• Enter your TIN (Tax Identification Number).
• After the verification of TIN, enter other identification details (i.e., email, password, Business Category, Legal Business Name).
• Financial Institutions verifies application.
• eNaira wallet created and activated.
• Merchant and Financial institution receives notification.
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The only tier of eNaira wallet that businesses can operate is;
Tier Four – Customers with regular spending abilities
o Minimum Account Opening Requirement: Full KYC as stipulated in the CBN’s AML/CFT Regulations
o Daily Transaction Limit: N1,000,000
o Maximum Cumulative Balance: Unlimited
