E-Naira Is Secure, CBN Assures Nigerians

The Central Bank of Nigeria (CBN) has assured Nigerians that e-Naira, which was recently launched, is secure and dependable.

The Director of Corporate Communications, Mr Osita Nwanisobi, made this known while speaking at the ongoing CBN fair in Abakaliki, Ebonyi State.

He said the security and dependability of the e-Naira stems from the fact that it uses cryptographic technologies encrypted with two factors for authentication.

However, he said the digital currency might pose some challenges to Nigerians in the short term because it works with Bank Verification Numbers (BVN).

He said: "The issue of security and dependability of the e-Naira platform is guaranteed. It is guaranteed because the technology uses cryptographic encrypted two factors of authentication. And so, the issue of whether the platform is secure is taken, as it is secure.

"The e-Naira project is a journey; we expect that there are going to be minor challenges in the short-term and I can tell you where some of these things are coming from.

"The e-Naira platform works with BVN and if I ask some people if they have email addresses, they would tell me they do not have."

He warned Nigerians to eschew unregulated financial schemes propagated by fake Ponzi operators, saying this had robbed them of their hard-earned money.