CBN: e-Naira ensures safety of money in banks

The Central Bank of Nigeria (CBN) has assured Nigerians of the safety of their money in banks through the operation of the e-Naira.

The Director Payments System Management Department, CBN, Chika Ugwueze, said this when he paid a courtesy visit to the Vice-Chancellor of the University of Nigeria, Nsukka (UNN), Prof. Charles Igwe, in Nsukka on Wednesday, April 26.

Ugwueze stated 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.

“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 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 times take time or even lost, but in e-Naira your money is secured any day, any time as long as Nigeria exists,” he said.

The CBN official 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 the visit was to inform the university’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 sensitisation because the university is one of the oldest premier university in the country with a large population of students and staff,” he said.

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

The Star