Through the use of the e-naira, the Central Bank of Nigeria (CBN) has assured Nigerians of the security of their funds in banks.
This information was provided by Mr Chika Ugwueze, Assistant Director of Payments System Management Department, CBN, Abuja, on Wednesday in Nsukka when he paid Prof. Charles Igwe, Vice Chancellor of the University of Nigeria, Nsukka (UNN), a courtesy call.
According to Ugwueze, the e-Naira currency is the digital equivalent of the actual naira and may be utilised for all transactions as part of the CBN’s cashless agenda.
He said: “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.
“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 time take time or even lost, but in e-Naira your money is secured any day, any time as long as Nigeria exists,’ he said.
He also noted that e-Naira was an ongoing project which as time went on, certain peculiarities that were not captured now would be factored into.
