e-Naira: CBN guarantees effective technology to counter hackers, fraudsters

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

Mr Osita Nwanisobi, Director, Corporate Department, CBN, made the announcement on Wednesday at a Central Bank Fair in Kano.

“Promoting Financial Stability and Economic Development” is the fair’s theme.

Nwanisobi stated that, in addition to new technology to deter cyber criminals, the CBN had implemented other measures such as increasing the length of individual passwords to 12 digits.

“Which will make it extremely difficult for any cyber criminal to break into and compromise customers’ accounts.”

“Gone are the days when cyber crooks could have a field day and walk away with people’s sweat.”

“e-Naira is the digital representation of the physical Naira; the only difference is that one is physical and the other is virtual,” he explained.

The director also explained the payment method for e-Naira.

“We have cash payments, electronic payments, and now digital payments, all of which are aimed at reducing hardship for bank customers when transacting with their bank or other banks.”

The beauty of the e-Naira is that it is instant, and the cost is also very low.

“That’s why, when we talk about the e-Naira, we say it’s the same Naira that has power and possibilities,” Nwanisobi explained.

According to him, the e-Naira will tackle problems faced by financial institutions, cross-border concerns, relationships with the diaspora, and taxation.

The director also made it clear that, the purpose of the fair was to educate the public about CBN policies and interventions related to youth development.