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Times Reporters > Business > eNaira Poses No Threat To Financial Stability- CBN
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eNaira Poses No Threat To Financial Stability- CBN

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By Publisher Published October 10, 2023
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The Central Bank of Ni­geria (CBN) has assured Nigerians that its digital currency, eNaira, posed no threat to financial stability.

The Director, Corporate Communications Depart­ment of CBN, Dr. Isa Ab­dulMumin, said this on Monday in Marrakech.

AbdulMumin was react­ing to a recent media report that raised concerns about Nigeria’s Central Bank Digital Currency (CBDC), eNaira, indicating poten­tial risks to financial sta­bility.

The media report, quot­ing articles from a book re­cently released by the CBN indicated that in spite of its success in narrowing the country’s financial inclu­sion gap, the eNaira was a potential threat to financial stability.

It said that since its in­ception, bank deposit con­version to eNaira had ex­hibited an average monthly growth of 78.3 percent and totaled about N1.66 billion.

According to Abdul­Mumin, a review of the report indicates a lack of understanding of some portions of some articles in a book recently released by the CBN titled, ‘Economics of Digital Currencies’.

“A recurring theme in the book is the interest of regulators such as CBN in the role of crypto curren­cies as speculative invest­ments and the potential threat they harbour for financial stability.

“The articles in the book provide an in-depth under­standing of CBDCs gener­ally, and the workings of the naira,” he said.

The director assured that as the eNaira struc­ture continued to evolve, it was undergoing modifica­tions targeted at improving the user experience “across all interfaces.

“We encourage Nigeri­ans to embrace the tech­nology for among other things, greater financial inclusion,” AbdulMumin said.

The eNaira was initiated by the former CBN gover­nor, Godwin Emefiele and inaugurated in October 2021 by former President Muhammadu Buhari.

Nigeria is the first Af­rican country to adopt the CBDC.

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Publisher October 10, 2023
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