The Central Bank of Nigeria (CBN), has assured Nigerians that its digital currency, eNaira poses no threat to financial stability.
This was revealed by the Director of the Corporate Communications Department of CBN, Dr Isa AbdulMumin in Marrakech on Monday in his reaction to a recent media report that raised concerns about Nigeria’s Central Bank Digital Currency (CBDC), eNaira, and 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 seventy-eight point three percent and totaled about one point six six billion naira.
“The articles in the book provide an in-depth understanding of CBDCs generally and the workings of the Naira,’’ he said.
“We encourage Nigerians to embrace the technology for among other things, greater financial inclusion,’’ AbdulMumin said.