The Central Bank of Nigeria (CBN) issued a statement explaining that eNaira does not threaten the country's financial stability. The statement was a response to local media suggesting that CBDCs could threaten the country's financial stability.
In September, CBN published a 300-page book, The Economics of Digital Currencies: A Reading, explaining the financial implications of adopting a CBDC. Topics in the paper include the potential impact of CBDCs on deposit liabilities, regulatory issues, social welfare, and public sentiment, among others. The bank explained that CBDC and cryptocurrency are different things; Therefore, the speculation behind fake news about the cryptocurrency market does not apply to the use of CBDCs.
Dr. Isa Abdulmumin, Director of Corporate Communications at CBN, added that there is a lack of understanding behind eNaira's news, arguing that CBDCs pose a potential threat to the country's financial stability. CBDCs have always played an important role in the digitalization of the global central bank economy, such as the digital yuan and the digital euro.