The Central Bank of Nigeria (CBN), has assured that it has put in place effective mechanisms to insulate the e-Naira from hackers and fraudsters.
The Director, Corporate Department, CBN, Mr Osita Nwanisobi, disclosed this on Wednesday, December 1, at a Central Bank Fair in Kano.
The theme of the fair is “Promoting Financial Stability and Economic Development”.
Nwanisobi said apart from new technology to prevent cybercriminals, the CBN had introduced other measures; such as making individual passwords up to 12 digits.
“Which will make it very difficult for any cybercriminal 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.
“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,” he said.
The CBN director also explained the mode of payment in respect of e-Naira.
“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.
According to him, the e-Naira will solve the problems facing financial institutions; cross-border issues; relationship with the diaspora, and taxation.
Meanwhile, the Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, has said that the issue of pardoning the leader of the proscribed Indigenous People of Biafra, Nnamdi Kanu, is premature.
Malami stated this on Wednesday, December 1, while appearing as a guest on Channels Television’s Politics Today.
“Pardon is a function of conviction in the Nigerian context and as far as I know, Nnamdi Kanu has not been convicted yet so the idea of pardoning him is premature,” the AGF asserted.
According to him, the trials associated with Kanu have not been concluded; and as such the pardon option cannot get on the table just yet.
While stressing that he is not ruling the option out, Malami, however; noted that pardoning Kanu is not on the table at the moment.
Reacting to a question regarding the IPOB leader’s pardon being an option for peace in the South East; the AGF said he is yet to assess the security implications of such a decision.
Nonetheless, the Minister of Justice declared that the best interest of the public would be a major consideration if the opportunity avails itself for a pardon to be given to the IPOB leader.