eNaira may lead to new level of cybercrime, IT specialist warns

eNaira is the Nigerian digital currency issued and regulated by the CBN. It was launched on Oct. 25 to aid speedy delivery, safe and simple trade transactions.

“I should emphasise the need to be security conscious with the advent of the digital currency.

“eNaira will birth a new level of information hacking by dubious individuals,’’ Popoola, Chief Executive Officer of Automation Bay, told NAN.

“Fraud will be on the rise because connected information like Bank Verification Numbers, account numbers, eNaira Speed Wallet details, among others, will be accessible online.

“That means they are susceptible to hacking. Not all links are clickable online; so users should not be in a hurry to put their details online.

“CBN and Federal Government’s regulatory groups can make this a low-risk issue, however, using an integrated effort and approach as time goes on,’’ she added.

Popoola acknowledged that eNaira would enable the country to be at par with other digitised economies in line with global standards.

She observed that the eNaira, a legal tender and a fiat currency, was launched following the continuous rise in the growth of other digital currencies globally.

She said it could be categorised alongside other digital currencies like Bitcoin and Cryptocurrency and could boost the economy if well-structured and managed.

The IT specialist also told NAN that eNaira would facilitate cross-border payments, trades, sustain the digital economy agenda of the country and boost remittances of taxes to government’s institutions.

She also observed that online transactions had suffered some attacks by fraudsters in the past and that the Federal Government was making efforts to address the issue.

She stressed that the coming of the eNaira would require extra efforts to ensure the protection of users.

“Transactions using eNaira can only be done between users that have eNaira Speed Wallets and this means that some consumers will be restricted,’’ she noted.

Popoola said Nigeria, being the first in Africa to introduce a digital currency, needed to make it work because the world was watching. (NAN)