TECHDIGEST – 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.

The post eNaira is safe from hackers – CBN appeared first on Tech Digest News.

TECHDIGEST – Nigerian President, Muhammadu Buhari will at the State House in Abuja today formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira with the theme “Same Naira, more possibilities”.

In a statement signed by Osita Nwanisobi, Director, Corporate Communications at CBN, after today’s formal launch by the President, the Bank will further engage various stakeholders as Nigeria enters a new age consistent with global financial advancement.

The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.

The launch is coming following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and indeed, a cross section of Nigerians.

“The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone. Given that the eNaira is a journey, the unveiling marks the first step in that journey, which will continue with a series of further modifications, capabilities and enhancements to the platforms,” the statement added.

The statement added that CBN will continue to work with relevant partners to ensure a seamless process that will benefit every user, particularly those in the rural areas and the unbanked population. Since the eNaira is a new product, and amongst the first CBDCs in the world, we have put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.

The post Nigeria to officially launch Digital Currency today appeared first on Tech Digest News.