E-Naira: We’re Guarding Against Hackers, Fraudsters – CBN

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 Communications Department of CBN, Mr Osita Nwanisobi, disclosed this at a CBN Fair in Kano which featured real-time with the Kaduna fair simultaneously with the theme ‘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.

He said, “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 is virtual.”

The director also explained the mode of payment in respect of e-Naira saying, “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.”

He expressed optimism that the e-Naira will solve the problems facing financial institutions, cross-border issues, relationships with the diaspora, and taxation.

The Head, Development Finance Department of the CBN, Aminu Muhammad, said commercial banks were not effective on issues relating to the e-Naira which is why the CBN is coming in to intervene.

Economic Confidential reports that officials of the CBN took turns to lecture youth corps members, hundreds of students from tertiary institutions across the state, and other members of the public on the e-Naira platform.