E-Naira: CBN Assures Effective Technology To Check Hackers, Fraudsters

Published

4 years ago

December 1, 2021

E-Naira

The Director, Corporate Department, CBN, Mr Osita Nwanisobi, disclosed this on Wednesday 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 cybercrooks 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 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, relationships with the diaspora, and taxation.

The director said that the fair was to enlighten the public about CBN policies and interventions, as it relates to youths development.

NNPCL Increases Fuel Price

Published

1 day ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

1 day ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

5 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.