The Central Bank of Nigeria (CBN) addressed these concerns in a statement issued on Monday through its Director of Corporate Communications, Isa AbdulMumin…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

The statement, titled ‘eNaira Poses No Threat to Financial Stability,’ emphasized that recent reports, both in traditional and social media, suggesting that the Central Bank Digital Currency (CBDC).

known as the eNaira, poses a risk to the nation’s financial stability, lacked a clear understanding of certain sections of the recently published document titled ‘Economics of Digital Currencies: A Book of Readings.’

The statement clarified that the book’s contents explored the interest of regulators like the CBN in cryptocurrencies as speculative investments and the potential risks they may pose to financial stability.

The articles in the book aimed to provide an in-depth understanding of CBDCs in general and the operations of the eNaira specifically, highlighting implementation and adoption challenges.

Addressing concerns mentioned in some media reports regarding potential risks to financial stability despite the eNaira’s success in narrowing the financial inclusion gap, the CBN stated that the implied connection was unconvincing.

While it is not typical for the CBN to respond to news commentary, the statement was issued to prevent misunderstandings from spreading.