The Central Bank of Nigeria (CBN) has promised Nigerians that appropriate processes have been put in place to protect the e-Naira against hackers.
The Director, Corporate Department, CBN, Mr Osita Nwanisobi, disclosed this at a central bank fair themed, “Promoting Financial Stability and Economic Development.”
According to him, the e-Naira will tackle financial institution challenges, cross-border issues, diaspora relationships, and taxation.
What the CBN is saying
Mr Osita Nwanisobi spoke on taking a tougher stand on hackers and protecting the financial system. He said, “Which will make it very difficult for any cybercriminal to break and penetrate into customers’ accounts. Gone are the days when cybercrooks 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.”
The director also highlighted that the eNaira is supposed to reduce the difficulty faced by bank customers at the point of transaction.
“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.
Apart from new technologies to deter fraudsters, Nwanisobi said the CBN had implemented additional steps like making individual passwords up to 12 digits long.