The Central Bank of Nigeria (CBN) says the e-Naira has the same purchasing power as the conventional one, noting that there are effective mechanisms to insulate the e-currency from hackers and fraudsters.

“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 purchasing power and possibilities,” said Osita Nwanisobi, CBN spokesman on Wednesday at a fair in Kano.

The theme of the fair is ‘Promoting Financial Stability and Economic Development’.

Mr Nwanisobi explained that apart from new technology to prevent cybercriminals, the CBN had introduced other measures such as making individual passwords up to 12 digits.

“It very difficult for any cyber criminal to break and penetrate into customers accounts. Gone are the days when cyber crooks will be allowed to have a field day and smile home with people’s sweat,” he claimed. “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 explained the mode of payment.

“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,” added the CBN spokesman. 

According to Mr Nwanisobi, e-Naira will solve financial institutions’ problems, cross-border issues, relationships with the diaspora, and taxation.

He also mentioned that the fair was to enlighten the public about CBN policies and interventions related to youths development. 

(NAN)