The Central Bank of Nigeria (CBN) has addressed concerns that its central bank digital currency (CBDC), the eNaira, poses a threat to the country’s financial stability. The CBN released a press statement in response to media reports suggesting that the eNaira could have negative implications. These reports referenced a CBN report called “Economics of Digital Currencies: A Book of Readings,” which highlighted the gradual adoption of the eNaira and its limited impact on Nigerian banks’ liquidity. The report also acknowledged that funds held in eNaira wallets cannot be used by commercial banks, raising concerns about potential liquidity issues if the eNaira is widely adopted. However, the CBN dismissed these concerns and emphasized the ongoing evolution of the eNaira’s structure to enhance user experience and promote financial inclusion. Nigeria has been identified as having the highest cryptocurrency awareness among its population, according to a global survey.

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Information	Details
Geography	Africa
Countries	🇳🇬 🇬🇧 🇺🇸 🇯🇵 🇩🇪
Sentiment	neutral
Relevance Score	0
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Companies	Central Bank of Nigeria (CBN), YouGov, ConsenSys, Punch
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