Yesterday the Central Bank of Nigeria issued a statement reasserting its confidence in its central bank digital currency (CBDC). The note addressed claims that an eNaira CBDC would pose a threat to Nigeria’s financial stability.
Last month the Bank published a 300-page book, detailing the financial implications of adopting a CBDC. The book covered various topics, including the potential effect of a CBDC on deposit liabilities, regulatory concerns, social welfare and public sentiment.
The announcement comes amid an array of fake news stories circulated amongst both traditional and social media platforms, claiming that the adoption of an eNaira would significantly undermine Nigeria’s financial stability. The bank suggested authors based these stories on misconstrued concerns regarding the use of cryptocurrencies, a topic the book also covered in great detail.
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