.jpeg "eNaira is not a danger to financial stability, according to CBN")
According to a statement by Isa AbdulMumin, the Director of Corporate Communications at CBN, the primary objective of the eNaira is to enhance financial inclusivity and mitigate the potential hazards associated with speculative investments in cryptocurrencies.
AbdulMumin has indicated that the Central Bank of Nigeria (CBN) has taken notice of reports circulating on various media platforms, both conventional and social, which posit that the introduction of the Central Bank Digital Currency (CBDC) of Nigeria, known as the eNaira, poses a risk to the financial stability of the nation
AbdulMumin suggests that the reports may be a result of a limited comprehension of some sections of the prologue and select articles inside the published book entitled "Economics of Digital Currencies: A Book of Readings" by the bank.
AbdulMumin observed that a prominent motif in the book centers on the regulators' concern, particularly the Central Bank of Nigeria (CBN), regarding the function of cryptocurrencies as speculative investments and the possible risks they can represent to the stability of the financial system.
The individual expressed that the articles contained within the book offer a comprehensive comprehension of Central Bank Digital Currencies (CBDCs) in a general sense, as well as a detailed examination of the eNaira's operations. The papers specifically emphasize the various concerns and obstacles encountered during the implementation and adoption of CBDCs.
One media piece highlights worries regarding the eNaira, Nigeria's central bank digital currency, and its possible hazards to financial stability, despite its achievement in reducing the country's financial inclusion gap. AbdulMumin has been included.
The author observed that the suggested connection lacks persuasiveness, and typically, the Central Bank of Nigeria does not engage in debates on news analysis.
However, the Central Bank of Nigeria (CBN) is compelled to provide clarification regarding the aforementioned reports in order to prevent the proliferation of misunderstandings.
According to AbdulMumin, the eNaira framework is always developing and undergoing improvements with the aim of enhancing the user experience across all interfaces.
Furthermore, he emphasized the need of Nigerians adopting this technology, particularly in relation to enhancing financial inclusion and other related benefits.