CBN believes there is no reason to be worried about the eNaira

    Nigerians have been assured by the Central Bank of Nigeria (CBN) that its digital money is secure. Financial stability was not in danger from the eNaira.

    This was said on Monday in Marrakech by Dr. Isa AbdulMumin, Director of Corporate Communications at CBN.

    AbdulMumin’s response came in response to a recent media report that expressed worries about Nigeria’s Central Bank Digital Currency (CBDC), eNaira, and suggested possible dangers to the country’s financial stability.

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    The media report, which cited passages from a book that the CBN recently published, said that the eNaira posed a potential risk to financial stability despite its achievement in closing the country’s financial inclusion gap.

    It claimed that since its beginning, the amount of bank deposits converted to eNaira has increased by an average of 78.3% per month, or around N1.66 billion.

    A review of the paper, in Abdulmumin’s opinion, shows a lack of comprehension of various sections of several pages in a book recently published by the CBN titled “Economics of Digital Currencies.”

    “The attention of regulators, like the CBN, in the role of cryptocurrencies as speculative investments and the potential threat they pose to financial stability is a constant issue in the book.

    The book’s essays, he claimed, “provide an in-depth understanding of CBDCs generally, as well as the functioning of the Naira.”

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    The director gave the assurance that as the eNaira structure developed, it was going through changes aimed at enhancing the user experience “across all interfaces.”

    According to AbdulMumin, “We encourage Nigerians to embrace technology for a variety of reasons, including increased financial inclusion.

    Godwin Emefiele, a former CBN governor, came up with the idea for the eNaira, which former President Muhammadu Buhari officially launched in October 2021.
    The CBDC was initially adopted by Nigeria in Africa. (NAN)

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