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Nigeria’s financial regulator says eNaira is more “reliable” than Crypto

The belief within the Central Bank of Nigeria (CBN) is that its newly launched CDBC, the eNaira, offers more reliability than bitcoin and other volatile digital currencies.

CBN’s Director of Corporate Communications, Nnamdi Okwuosa, expressed this thought during a sensitization outreach organized by the country’s apex bank for residents in Abia and Ebonyi state. Local news platform Punch reports.

“Digital currency (eNaira) is more reliable than cryptocurrency, which is not regulated,” Okwuosa said.

The outreach tagged “Promoting financial stability, and economic development” was used as a platform to educate public and private stakeholders in both states about eNaira and other topics, including payment management, consumer protection, and currency operations.

eNaira

Furthermore, Mr. Okwuosa explained that the CBN is always on the lookout for possible threats to the country’s monetary system, adding that the regulator is well-positioned to provide financial advice to investors.

After the successful launch of the eNaira on Oct. 25, the CBN minted 500 million eNaira tokens, but none has been distributed yet.

Reports broke out a few days later that the official eNaira speed wallet and eNaira speed merchant wallet were deleted from Google Play Store.

The CBN claims it removed the app from the Play Store to correct errors and fix bugs, but the apex bank absolved itself from any cost incurred due to the crash.

“In no event will the CBN or its directors, officers, employees, independent contractors, affiliates or agents, or any of its or their respective service providers, be liable to you or any third party for any use, interruption, delay or inability to use the eNaira website,”

an official statement read.

NEXT: Blockchain analytics firm Chainalysis expands into Australia

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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