CBN: we cannot recommend crypto currency usage now

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The Central Bank of Nigeria (CBN) has said it acknowledged the existence and usefulness of crypto technology but hasn’t taken any official position on it.

Its Chief Information Security Officer, Rakiya Mohammed, who spoke at Secure Enterprise 2019 organised by IT and T Solutions Ltd, IBM and Interpost at Radisson Blu, Victoria Island, Lagos, said the apex bank doesn’t recommend specific technologies to lenders but has set guidelines which take care of security issues in the financial services sector.

Represented by Ibrahim Kuka, an official of the bank, she spoke on: ‘Mobile Devices in Corporate Networks-Security Challenges’.

According to her, data released by both the Global System for Mobile Communication Association (GSMA) and the Nigerian Communications Commission (NCC) showed tremendous growth in subscriber figures, internet penetration and mobile devices stressing that with these have come challenges.

Some of these challenges include poor governance, data loss/leakage, dearth of infrastructure, impersonation, Subscriber Identity Module (SIM) swap fraud and many others.

She said the ability of bank customers to transfer cash via the use of codes and USSD such as GTBank’s *737* has made it imperative for stricter security to secure customers funds.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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