e-Naira: CBN Promises Effective Technology To Check Fraudsters

The Central Bank of Nigeria (CBN), has assured that it has put in place effective mechanisms to insulate the e-Naira from hackers and fraudsters.

The Director, Corporate Department, CBN, Osita Nwanisobi, disclosed this on Wednesday at a Central Bank Fair in Kano.

The theme of the fair is “Promoting Financial Stability and Economic Development”.

Nwanisobi said apart from new technology to prevent cybercriminals, the CBN had introduced other measures such as making individual passwords up to 12 digits.

“Which will make it very difficult for any cybercriminal to break and penetrate into customers accounts,"

“Gone are the days when cyber crooks will be allowed to have a field day and smile home with people’s sweat,"

“e-Naira is the Digital representation with the equivalent of the physical Naira, the only difference is that, while one is physical, the other one is virtual,” he said.

The director also explained the mode of payment in respect of e-Naira.

“We have cash payment, electronic payment and now added digital payments, all aimed at reducing hardship faced by bank customers at the point of transactions with their bank or other banks,"

“The beauty of the e-Naira is that it is instant, immediate, and the cost is very low as well,"

“That is why when we are talking of the e-Naira, we say it’s the same Naira with possessing power and possibilities,” Nwanisobi said.

According to him, the e-Naira will solve the problems facing financial institutions, cross-border issues, relationships with the diaspora, and taxation.

The director said that the fair was to enlighten the public about CBN policies and interventions, as it relates to youths development.