The Central Bank of Nigeria has said its newly launched e-Naira project is secure and dependable.

The Director of Corporate Communications, Mr Osita Nwanisobi, stated this while speaking at the ongoing CBN-Fair in Abakaliki on Thursday.

According to the apex bank, the security and dependability of the e-Naira stem from the fact that it uses cryptographic technologies encrypted with two factors for authentication.

The CBN, however, observed that the new digital financial project might pose some challenges to Nigerians in the short term because it works with Bank Verification Numbers.

Nwanisobi said, “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.

“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.”

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

“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,” Nwanisobi stated.

He continued, “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.”

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

He said, “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?”