The Central Bank of Nigeria (CBN) has debunked several media reports that its digital currency platform, eNaira is a threat to financial stability in the country.

In a statement signed by its Director of Corporate Communications, Isa AbdulMumin,  CBN 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 recent released Economics of Digital Currencies: A Book of Readings.

It noted 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.

The apex bank added that 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.

” The nexus implied is unconvincing. 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,” it said.

The statement also explained that the eNaira structure continues to evolve and undergo modifications targeted at improving the user experience across all interfaces.


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