ENaira Is Not A Danger To Financial Stability -CBN

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In a bid to dispel concerns regarding the eNaira, the Central Bank of Nigeria (CBN) has emphasized that the digital currency poses no threat to the country's financial stability. 

CBN's Director of Corporate Communications, Isa AbdulMumin, stated that the eNaira is strategically designed to bolster financial inclusion and mitigate risks associated with speculative investments in cryptocurrencies. 

The misconception, according to AbdulMumin, arises from a misinterpretation of certain sections in the bank's publication, "Economics of Digital Currencies: A Book of Readings.

"The book underscores the regulatory interest, including that of the CBN, in understanding the role of cryptocurrencies as speculative assets and their potential impact on financial stability. AbdulMumin further highlighted that the articles provide a comprehensive insight into Central Bank Digital Currencies (CBDCs) in general, with a focus on the functionalities of the eNaira, while addressing implementation challenges. 

He emphasized that the CBN typically refrains from engaging in news commentary but finds it necessary to clarify the reports in order to prevent misunderstandings. 

He also noted that the eNaira's structure is continually evolving, with ongoing modifications aimed at enhancing user experience across all platforms. 

AbdulMumin encouraged Nigerians to embrace this technology, emphasizing its potential for driving greater financial inclusivity.

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