Nigerian Central Bank claims eNaira is more reliable than cryptocurrencies


TL;DR Breakdown

• It has been more than a week since eNaira’s launch, with several companies embracing it.
• The banking authority has advised institutions not to stop working with eNaira.

Recently the banking authority in Nigeria has given its views on eNaira, a stablecoin launched in October. According to the CBN, eNaira is more reliable than decentralized currencies such as Bitcoin.

The CBN’s head of corporate outreach said the Nigerian stablecoin is a profitable option in the face of the crypto adoptions wave in the country. The agent also invited Ebonyi and Abia citizens, key states in the country, to test the token.

CBN talks about its eNaira project


A week after the Nigerian crypto eNaira was announced and launched, the central authority described the project as a success. According to the head of the CBD, Nnamdi Okwuosa, crypto is a state-regulated currency. Therefore its use is legal, unlike decentralized currencies. Okwuosa emphasizes that the stablecoin is legit because it is regulated, while cryptos are not.

Okwuosa’s statements were given at the CBN event to promote Nigeria’s crypto and other financial activities. According to the announcements, the CBN crypto offers investor security, fast and transparent operations approved by the banking authority.

The CBN manager also adds that they are attentive to their financial services to avoid errors or problems. However, investors should also listen to notifications from the authority to help with the cause. The agent includes these crypto scams that will end when the investor listens to the Central Bank and uses a reliable project such as eNaira.

Nigeria’s stablecoin a success – CBN

On Monday, October 25, the Bank of Nigeria officially launched its CBDC under the name eNaira. This comes after regulators analyzed the growing crypto investment market in the country. Since Bitcoin reached new all-time highs in its price, Nigeria, like other countries, increased its attraction towards crypto investments and other types of operations.

Upon its launch, the CBN said that eNaira results from years of research on cryptos and the Blockchain network. With this approval for cryptocurrency, the country in West Africa is moving towards new financial technologies where crypto is available to all citizens.

With this CBDC, Nigeria has become one of the main countries that support cryptocurrencies under the umbrella of its own rules and regulations. The country joins the long list of regions that have created stable cryptocurrencies under the Central bank’s support. In previous months, the Bahamas launched its Sand Dollar, Sweden, and its e-Krona and Saint Lucia, a country in the Caribbean, with its DCash,

So far, Nigerians have supposedly received eNaira well, and the foremost financial body in the country expects adoption to increase. The CBN said it would not stop working on its CBDC until everyone in the country uses the currency.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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