The Central Bank of Nigeria (CBN), has reiterated that its eNaira is not a threat to financial stability in the country.
Contrary to reports implying that the Central Bank Digital Currency (CBDC), threatens financial stability, the apex bank insists the eNaira is safe and boosts financial inclusion.
The clarification follows a review of some reports CBN’s recently released, “Economics of Digital Currencies: A Book of Readings.”
In a statement yesterday, the Director, Corporate Communications, CBN, Dr. Isa AbdulMumin, said: “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.
“According to 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.”
He continued: “One of the 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’.
“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.”
AbdulMumin also noted that “The eNaira structure continues to evolve and undergo modifications targeted at improving the user experience across all interfaces.”
Accordingly, the CBN encouraged Nigerians “to embrace the technology for, amongst other things, greater financial inclusion.”
The eNaira structure continues to evolve and undergo modifications targeted at improving the user experience across all interfaces.