The Central Bank of Nigeria (CBN) has refuted media reports suggesting the eNaira is a threat to financial stability.
The CBN in a statement signed by Dr. Isa AbdulMumin the Director, Corporate Communications said the report stems from lack of understanding of the Central Bank Digital Currency (CBDC), the eNaira.
The statement explained that “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.”
It is indicated that “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. Pursuant 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. 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.”
We are constrained to clarify the reports to ensure that misunderstandings are not fostered.
“The eNaira structure continues to evolve and undergo modifications targeted at improving the user experience across all interfaces. We encourage Nigerians to embrace the technology for, amongst other things, greater financial inclusion” it said.
