e-Naira: How safe is Nigerias Central Bank Digital Currency?

As Nigeria braces to receive the e-Naira, which is set to be launched by the Central Bank of Nigeria (CBN) on October 1, 2021, many are starting to inquire about the security of this new digital currency and if it is vulnerable to hackers.

Nairametrics reviewed publications from the Central bank of Canada and interviewed security experts on the matter.

Securing your e-Naira would be by Proof of ownership, you could either keep them in a bank account, or you keep them in an e-wallet that contains the CBDC tokens’ “anonymous” private key. The e-Naira would be maintained in an account, the account’s distributor (usually a commercial bank) must validate your identification before opening the account. These KYC standards are in place to prevent money laundering, terrorism financing, and other financial crimes.