In recent times, numerous news organizations in Nigeria have been reporting that the country’s central bank’s digital currency (CBDC), eNaira, poses a threat to financial stability. Critical articles about CBDCs have been increasing in the Nigerian media, prompting a response from the Central Bank of Nigeria on the ongoing debate. The bank stated that the concerns raised about eNaira are not credible.
CBDC Debates Dominate Nigerian Media
Central bank digital currencies (CBDCs) have become one of the most discussed topics in the crypto industry. During this period, there have been numerous criticisms suggesting that CBDCs pose a significant risk to financial stability and violate financial privacy.
The ongoing debates surrounding central bank digital currencies have also reached Nigeria. In recent times, the Nigerian media has published various articles and news reports containing numerous criticisms of CBDCs.
These criticisms, often discussed, include the potential threat CBDCs pose to financial stability. As critical reports about eNaira, Nigeria’s central bank digital currency, continue to increase, the Central Bank of Nigeria has issued an official statement on the matter.
Statement from the Central Bank of Nigeria on CBDCs
The Central Bank of Nigeria addressed the ongoing CBDC debates in an official statement on its website. The statement mentioned that while the central bank will not engage in the discussions circulating in the media, it felt compelled to make a statement to avoid any misunderstandings.
The Central Bank of Nigeria stated that the concerns raised in the media about CBDCs are not credible and emphasized that the development of eNaira’s structure is ongoing. The statement included the following remarks:
“One of the articles in the media mentions concerns regarding the potential risks to financial stability posed by Nigeria’s central bank digital currency eNaira, despite its success in narrowing the country’s financial inclusion gap. The implied connection is not credible.”
