CBN assures users that e-Naira is safe and reliable

The Central Bank of Nigeria has stated that its recently launched e-Naira project is safe and reliable.

Mr. Osita Nwanisobi, Director of Corporate Communications, stated this on Thursday while speaking at the ongoing CBN-Fair in Abakaliki.

According to the apex bank, the e-security Naira’s and dependability stem from the use of cryptographic technologies encrypted with two factors for authentication.

The CBN, on the other hand, noted that the new digital financial project may pose some challenges to Nigerians in the short term due to its use of Bank Verification Numbers.

“The issue of security and dependability of the e-Naira platform is guaranteed,” Nwanisobi stated. It is ensured by the technology’s use of cryptographic encrypted two-factor authentication. As a result, the issue of whether the platform is secure is addressed, as it is.

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“The e-Naira project is a journey; we anticipate minor challenges in the short term, and I can tell you where some of these issues will arise.” The e-Naira platform is compatible with BVN, and when I ask some people if they have email addresses, they tell me they don’t.”

He warned Nigerians to avoid unregulated financial schemes promoted by bogus Ponzi operators, claiming that they had been cheated out of their hard-earned money.
“The first step is to educate the Nigerian people, because you are the best security for yourselves.” As a result of our sensitization, you will begin to recognize and avoid some of these things (fake Ponzi operators). “You’ll know the moment you see them,” Nwanisobi said.

“The other thing is for us to work with security agencies to ensure that those who gullibly defraud Nigerians are brought to book, and we have done quite a number in this regard,” he continued. We collaborate with security agencies to ensure that those who claim to be something they are not are held accountable.”

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According to him, there is no way a genuine investment can provide 10% monthly returns and 120% annual returns.

“You believe that to be true?” he asked. Where is he going to get the money? What is the individual’s line of work? Is the individual regulated?”