CBN makes fresh order on e-Money that will affect transaction

Merchants are barred from exceeding 1 million naira a deal on e-Naira transactions, the Central Bank guideline on the usage of the digital currency indicates.

This is part of the operating model and prototype design of the payment platform due to take off on Friday. While the 1 million naira ceiling is placed on sending and receiving money per transaction on the e-Naira, there is no limit to the amount merchants can sweep to their bank accounts.

The Project Giant, unveiled by the CBN to banks, sets limits for e-Naira transactions to be conducted by digital currency users with banks and merchants. The regulator is however working out the final transaction costs for digital currency users.