By ABDULLAHI RABIU, Kano
THE Director Corporate Department of the Central Bank of Nigeria (CBN) Mr Osita Nwanisobi has said that in line with the preparedness of the bank to introduce the e -Naira it has provided a more robust Technology to check Cyber Crimes,
Speaking during a Central Bank Fair in Kano with the Theme “Promoting Financial Stability and Economic Development” held at the Afficient Centre, Kano yestersday said the bank had introduced other methods such as making the individual Password up to twelve digits to make it very difficult for any Cyber criminal to break and penetrate into Customers accounts .
According to Osita gone are the days when Cyber crooks would be allowed to have access to customers account with impunity.
He explained that the ” 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 Visual .
The CBN Director stated further that it is the responsibility of the CBN to issue the e Naira just so also to issue the physical Naira to it’s customers.
Osita said ” We have the Cash and Electronic payments and now added Digital all aimed at reducing hardship faced by their customers.
He said with the coming of the Digital system of payment it will now be complementing all other modes and if you look at the Electronic mode there are different individual platforms involved.
The beauty of the e Naira he said, is that it’s instant, immidiate, and the cost is very low as well .
He said that is why when we are talking of the e Naira we say it’s the same Naira with possessing power and possibilities.
On what the Bank stands to achieve before and after the introduction of the e Naira the Director has this to say “
The bank will solve through the e Naira problems facing Financial Institutions, Cross border issues, Relationship with the Diaspora, and above all Taxation. “
He posited that it is the expections of the CBN that at the end of the day participants will get to know more about CBN policies and interventions, and to know more about critical interventions as it relates to youths development and progress.
