The Central Bank of Nigeria (CBN) has stated that its flagship digital currency, eNaira, promotes greater financial inclusion and poses no threat to the financial system’s stability.
It also mentioned that the structure of eNaira continues to evolve and undergo modifications aimed at improving the user experience across all interfaces.
A statement signed by Dr Isa AbdulMumin, Director of Corporate Communications at CBN, encourages Nigerians to embrace this technology.
The apex bank made these observations in reaction to news items on some media platforms—traditional and social—suggesting that the country’s Central Bank Digital Currency (CBDC), the eNaira, is a threat to the nation’s financial stability.
“After reviewing the reports, which appear to have been syndicated, there seems to be a lack of understanding of portions of the foreword and some articles in the bank’s recently released Economics of Digital Currencies: A Book of Readings.
“A recurring theme in the book is the interest of regulators, such as the CBN, in the role of cryptocurrencies as speculative investments and the potential threat they harbour for financial stability,” the statement read in part.
Pursuant to that, the apex bank further stated that the articles in the book provide an in-depth understanding of CBDCs generally and the workings of the eNaira in particular, highlighting issues and challenges in implementation and adoption.
One of the media reports speaks of “concerns about Nigeria’s central bank digital currency, eNaira, indicating potential risks to financial stability despite its success in narrowing the country’s financial inclusion gap,” it said.
According to the bank, the nexus implied is unconvincing.
“In the ordinary course of things, the CBN does not join issues on news commentary; however, we are constrained to clarify the reports to ensure that misunderstandings are not fostered,” it observed further.”
YOU SHOULD NOT MISS THESE HEADLINES FROM TheWitness
Those accusing labour of being sold out illiterate — NLC President
Following the subsidy removal saga, the Nigeria Labour Congress (NLC) President, Comrade Joe Ajaero has…
Atiku seeks Supreme Court’s nod to file fresh evidence against Tinubu
In his efforts to establish allegations of forgery and lying on oath against President Bola Tinubu, the presidential candidate of the Peoples Democratic Party (PDP) in…
Tinubu’s certificate: See what technology has done to us!
Some of the questions are being asked on the controversy surrounding the President Tinubu’s certificate saga. They wonder why…
AY keeps mum on Basketmouth’s apology
The last may not have been heard about the feud between comedian, Ayo Makun, known as…
VIDEO: Kess’ wife accused me of having affair with him — Phyna
The winner of Big Brother Naija Level Up, Ijeoma Josephina Otabor, popularly known as Phyna, has revealed that her…
Peseiro invites Osimhen, Chukwueze, Iheanacho, 22 others for Saudi, Mozambique friendlies
Super Eagles coach, Jose Peseiro, has invited Napoli striker, Victor Osimhen, Samuel Chukwueze and Kelechi Iheanacho of AC Milan of Italy and…
