Tuesday, September 16, 2025
24.1 C
Lagos

CBN: eNaira Poses no Threat to Financial Stability

The attention of the Central Bank of Nigeria (CBN) has been drawn to news items on some media platforms – traditional and social – suggesting that the country’s Central Bank Digital Currency (CBDC), the eNaira, is a threat to the nation’s financial stability.

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 recently released Economics of Digital Currencies: A Book of Readings.

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.

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.

The eNaira structure continues to evolve and undergo modifications targeted at improving the user experience across all interfaces. We encourage Nigerians to embrace the technology for, amongst other things, greater financial inclusion.

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

China, India: World’s Largest Internet Markets

India has overtaken the United States to become the...

Buying Interest Buoys Positive Performance… ASI Up 1.0%

The domestic bourse kick-started trading activities for the week...

PenCom to Commence 2022 Online Verification/Enrolment Exercise for Retirees

The National Pension Commission (PenCom) wishes to inform the...

Polaris Bank Empowers Media Practitioners with 2024 Capacity Building Workshop

As part of its on-going commitment to continually empower...

LEADERSHIP – Africa’s Missing Link to Transformation …a Nigerian Perspective

  By Moses Braimah Africa is blessed with abundant resources, immense...

NCC Reports 97% Readiness Level for 5G Deployment in Nigeria

The Nigerian Communications Commission’s (NCC’s) plan for Fifth Generation...

Verve Unveils the ‘Good Life’ Consumer Promo Sept 1

Africa’s leading payment technology and card business, Verve International,...

P+ Hosts AMEC Measurement Month to Enlighten Communication Professionals in Nigeria

In collaboration with the International Association for the Measurement...
spot_img

Related Articles

Popular Categories

spot_imgspot_img