Nigeria: e-Naira Ensures Safety of Money in Banks – CBN

The Central Bank of Nigeria (CBN) has assured Nigerians of safety of their money in banks through the operation of the e-naira. The apex bank takes its e-Naira digital currency policy sensitisation to a community comprising students, teaching and non-teaching staff.

Mr Chika Ugwueze, Assistant Director Payments System Management Department, CBN, Abuja, disclosed this in Nsukka on Wednesday when he paid a courtesy visit to the Vice Chancellor of the University of Nigeria, Nsukka (UNN), Prof. Charles Igwe.

Ugwueze explained that the e-Naira currency was the digital version of the physical naira that could be used for all payments as part of the cashless policy of the CBN.

“The only difference between the regular naira and e-Naira currency is that you can hold the physical naira in your hand but will not hold e-Naira, but two of them are used in all payments.

According to him, the greatest advantage of the e-Naira is that it has direct liability with CBN and money in the platform is 100 per cent secured.

“Like you open an account in a commercial bank in e-Naira, you are operating directly with CBN, and there is no fear of your money security.

“In commercial banks, in the event of liquidation, payment of money to customers at a time takes time or even lost, but in e-Naira your money is secured any day, any time as long as Nigeria exists,’ he said.

He noted that e-Naira was an ongoing project which as time went on, certain peculiarities that were not captured now would be factored into.

Ugwueze said that the visit was to inform the institution’s management on the two-day sensitisation seminar by CBN in partnership with Zenith Bank that would hold in UNN between Thursday, April 27 and Friday, April 28.

“We chose UNN for the sensitization because the university is one of the oldest premier universities in the country with a large population of students and staff,” he said.

Responding, the Vice-Chancellor, who was represented by the Deputy Vice-Chancellor, Administration, Prof. Pat Okpoko, commended CBN for choosing UNN for the e-Naira currency sensitization seminar.

He, however, noted that the country always had good policies but the problems had been poor implementation.

He urged the apex bank to ensure massive sensitisation of Nigerians on e-Naira digital currency to enable the policy to succeed and achieve the purpose it was introduced.