CBN: We expect minor challenges — but eNaira is secure, dependable

The Central Bank of Nigeria (CBN) has assured Nigerians that its newly launched digital currency, eNaira, is secure and dependable despite challenges.

Osita Nwanisobi, spokesperson of the apex bank, gave the assurance on Thursday while speaking at the ongoing CBN-Fair in Abakaliki, Ebonyi state capital.

Yesterday, the eNaira speed wallet app was restored 24hours after it was removed from the Google Play store for technical glitches.

Nwanisobi had told TheCable that the removal was to help the apex bank upgrade the app’s functionalities.

Speaking at the CBN-Fair, Nwanisobi said that the security and dependability of the e-Naira stem from the fact that it uses cryptographic technologies encrypted with two factors for authentication.

He said the apex bank had observed that the new digital currency project might pose some challenges to Nigerians in the short term because it works with bank verification numbers (BVNs).

“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,” Nwanisobi said.

“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.”

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

According to him, there is no way a genuine investment can offer 10 percent monthly returns and 120 percent per annum.

“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?” he asked.

“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.

“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.”