Thursday, November 30, 2023

The Central Bank of Nigeria (CBN) has rebuffed claims in media reports that its newly released document dated September 11, 2023, insinuates that its digital currency, the e-naira, could jeopardize financial stability. In a formal statement released on October 9, the central bank indicated that such reports misinterpret significant aspects of the preface in its newly unveiled document.

Titled “Economics of Digital Currencies: Book of Readings,” the CBN describes the publication as an effort “to offer a comprehensive understanding of Central Bank Digital Currencies (CBDCs), with a specific focus on the operational mechanics of the e-naira.” The introductory remarks in the book also draw attention to the “challenges and complexities associated with its implementation and broader adoption.”

While not explicitly naming the media sources that disseminated the contentious articles, News is among several digital platforms that have circulated stories predicated on the CBN’s publication.

Furthermore, the CBN expressed particular dissatisfaction with one media report that referenced text from pages 106 to 111 of the book to substantiate the argument that the rollout of a CBDC could entail risks. The central bank finds it particularly vexing that the report accentuated fears that a CBDC could imperil financial stability.

The CBN stated:

The causal relationship suggested is unsubstantiated. Ordinarily, the CBN refrains from engaging in debates over news commentary. However, we find it necessary to rectify these reports to preclude any perpetuation of misunderstandings.

Concluding its statement, the CBN informed e-naira users to anticipate further adjustments and enhancements to the digital currency, aimed at optimizing user experience. It also encouraged the Nigerian populace to adopt this technological advancement for, among other benefits, increased financial inclusivity.

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Frequently Asked Questions (FAQs) about Central Bank of Nigeria e-naira

What is the main subject of the Central Bank of Nigeria’s recent statement?

The Central Bank of Nigeria issued a statement to counter media reports suggesting that its digital currency, the e-naira, could pose a risk to financial stability.

What document did the Central Bank of Nigeria recently release?

The Central Bank of Nigeria recently released a publication titled “Economics of Digital Currencies: Book of Readings,” aimed at providing an in-depth understanding of Central Bank Digital Currencies (CBDCs), specifically focusing on the e-naira.

Which media outlets reported that the e-naira poses a risk to financial stability?

The Central Bank of Nigeria did not explicitly identify the media outlets that published the controversial articles. However, News is among the platforms that have published stories based on the bank’s recent document.

What is the Central Bank of Nigeria’s position on these media reports?

The Central Bank of Nigeria vehemently denies the media reports’ claims and views them as misinterpretations of its recent publication. The bank argues that the causal relationship between the e-naira and financial stability, as implied by these reports, is unsubstantiated.

What should e-naira users expect going forward?

The Central Bank of Nigeria has advised e-naira users to anticipate further modifications and enhancements to the digital currency. These adjustments aim to improve user experience and encourage greater financial inclusion.

How does the Central Bank of Nigeria view the role of digital currencies in financial inclusion?

The Central Bank concludes its statement by urging Nigerians to embrace digital currencies like the e-naira to achieve greater financial inclusion.

More about Central Bank of Nigeria e-naira

  • Central Bank of Nigeria Official Statement
  • Economics of Digital Currencies: Book of Readings
  • News Article on e-naira
  • Understanding Central Bank Digital Currencies
  • Financial Inclusion and Digital Currencies


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TechSavvy October 11, 2023 - 6:32 pm

Looking forward to the ‘adjustments and enhancements’ they’re talking about. Lets see if the e-Naira can actually deliver.

FinanceGuru October 11, 2023 - 9:06 pm

It’s pretty interesting that the bank calls for greater financial inclusion. Digital currencies could really be a game-changer for unbanked populations.

CryptoFan101 October 12, 2023 - 12:00 am

so the media got it wrong again? not suprised, always important to go to the source for info.

NaijaNewsWatcher October 12, 2023 - 6:14 am

CBN stepping up to clarify things is good. Too much misinformation these days.

JohnDoe October 12, 2023 - 9:11 am

Wow, the Central bank is really getting into the nitty-gritty of things. Defending their e-naira like that shows they’ve got some skin in the game.


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