The Central Bank of Nigeria (CBN) has addressed recent reports that have caused concerns regarding the nation’s Central Bank Digital Currency (CBDC), the eNaira, and its potential threat to financial stability.
Isa AbdulMumin, Director of Corporate Communications, issued this statement on October 9, 2023.
In response to the reports, the CBN noted a lack of understanding in certain portions of their recently released publication, “Economics of Digital Currencies: A Book of Readings.”
The book, according to the CBN, emphasises the interest of regulatory bodies like the CBN in cryptocurrencies’ role as speculative investments and their potential risks to financial stability.
The articles within the book provide comprehensive insights into CBDCs in general and the functionality of the eNaira in particular, addressing implementation and adoption challenges.
One of the media reports raised concerns about the eNaira’s impact on financial stability despite its success in reducing the country’s financial inclusion gap. The CBN finds this connection unconvincing.
“Normally, the CBN refrains from engaging in discussions related to news commentary. However, in this case, they have felt compelled to clarify the reports to prevent any misunderstandings,” he said
The CBN also noted that the eNaira’s structure is continually evolving and undergoing improvements to enhance the user experience across all platforms. They encourage Nigerians to embrace this technology as it contributes to greater financial inclusion.
