Nigerian Central Bank Refutes Media Reports Suggesting Its CBDC Poses a Threat to Financial Stability

The Nigerian cardinal slope has disputed media reports suggesting its Sept. 11, 2023 papers implies that its e-naira currency poses a menace to fiscal stability. The cardinal slope said it felt compelled “to clarify the reports to guarantee that misunderstandings are not fostered.”

Book Gives an ‘In-Depth Understanding of CBDCs’

The Central Bank of Nigeria (CBN) has refuted media reports that its cardinal slope integer currency (CBDC) known arsenic e-naira, poses a menace to fiscal stability. In a connection issued connected Oct. 9, the slope suggested that the authors of the reports lacked an knowing of portions of the foreword successful its precocious published document.

PRESS RELEASE: eNaira No Threat To Financial Stability pic.twitter.com/MYwxUoHvWe

— Central Bank of Nigeria (@cenbank) October 9, 2023

The papers — oregon “book” arsenic the CBN calls it — is titled Economics of Digital Currencies: Book of Readings. In the foreword, the cardinal slope characterizes the publication arsenic an effort “to supply an in-depth knowing of CBDCs, mostly and successful particular, the workings of the e-naira.” The foreword added that the publication besides highlights the “issues and challenges of implementation and adoption.”

While the Nigerian cardinal slope does not place the media outlets that published the offending quality articles, Bitcoin.com News is among respective online media outlets which published reports based connected the book.

Meanwhile, successful CBN’s statement, the slope besides appears to instrumentality umbrage astatine 1 media study which utilized the book’s substance connected pages 106 to 111 to enactment the assertion that implementing a CBDC whitethorn airs risks. In particular, the CBN is seemingly incensed that the study successful question highlighted concerns that a CBDC whitethorn airs a menace to fiscal stability.

The CBN said:

The nexus implied [is] unconvincing. In the mean people of things, the CBN does not articulation issues connected quality commentary, however, we are constrained to clarify the reports to guarantee that misunderstandings are not fostered.

The CBN ended its connection by telling users of the e-naira to brace for much changes and modifications to the CBDC which are aimed astatine improving users’ experience. The slope besides told Nigerians to “embrace the exertion for, among different things, greater fiscal inclusion.”

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