The Nigerian Central Bank has stated that its newly launched e-Naira digital currency is safe and reliable.
Mr Osita Nwanisobi, Director of Corporate Communications, announced this on Thursday at the current CBN-Fair in Abakaliki.
According to Punch Newspaper, the apex bank claims that the e-security Naira’s and dependability originate from the usage of cryptographic technologies encrypted with two-factor authentication.
The CBN, on the other hand, stated that because the new digital financial scheme uses Bank Verification Numbers, it may offer some issues to Nigerians in the short term.
Nwanisobi 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 secured is taken, as it is secured.
“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 urged Nigerians to avoid unregulated financial schemes promoted by phony Ponzi operators, claiming that they have been cheated out of their hard-earned money.
“The first is to sensitise the Nigerian public because you are the greatest security for yourselves. So, when we sensitise you, you will begin to see some of these things (fake Ponzi operators) and avoid them. The moment you see them, you will know it,” Nwanisobi stated.
He continued, “The other thing is for us to work with the security agencies to ensure that those who gullibly defraud Nigerians must be brought to book and we have done quite a number in this regard. We work with security agencies to ensure that those who claim what they are not, are brought to book.”
According to him, there is no way a genuine investment can offer 10 per cent monthly returns and 120 per cent per annum.
He said, “You take that to be real? Where is he going to make the money from? What kind of business is the person doing? Is the person regulated?”