Central Bank of Nigeria to Launch Speed Wallet - 0 views
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John Kiff on 29 Aug 21The Central Bank of Nigeria (CBN) reportedly has sent a presentation to Nigerian banks about the e-Naira central bank digital currency (CBDC) project. The CBDC, which will not be renumerated, will run on a Hyperledger Fabric DLT platform, and users will access it with the CBN's three-tier Speed Wallet. The first tier, which does not require users to have a bank account, will require users to register their phone number validated as a National Identity Number (NIN) and has a daily send/receive limit of N50,000 (about $120) and a maximum balance of N300,000 ($730). Tier Two wallet users, who must have a bank account and Bank Verification Number (BVN), will be able to send and receive N200,000 ($485) and hold up to N500,000 ($1,200). The third Tier allows daily transactions up to N1,000,000 ($2,430) with holdings limited to N5,000,000 ($12,150).