Nigeria’s Central Bank: The eNaira poses no risk to the country’s financial stability
The Central Bank of Nigeria has issued an official statement in response to reports circulating on various media platforms. These reports suggested that the eNaira, Nigeria’s pioneering central bank digital currency (CBDC), posed a potential threat to the nation’s financial stability . The statement, dated October 9, comes as a direct response to these media claims. It underscores the Central Bank of Nigeria’s unequivocal stance that the eNaira project is in no way a peril to the country’s financial stability. A particular news piece, published in Nigeria’s daily newspaper, “Punch,” references the Central Bank’s recently published report, titled “Economics of Digital Currencies: A Book of Readings.” The report from the Central Bank of Nigeria’s experts emphasizes the gradual ascent of eNaira adoption. They note that it presently accounts for a mere 0.2% share when compared to the liquidity of Nigerian banks. It’s...