CBN Urges Nigerians to Trust eNaira Because it is More Reliable than Cryptocurrencies, Protected From Scammers

CBN Urges Nigerians to Trust eNaira Because it is More Reliable than Cryptocurrencies, Protected From Scammers

  • On Friday, February 5, 2021, the Central Bank of Nigeria (CBN) issued a directive to banks to stop facilitating payment for cryptocurrency
  • The directive followed with CBN launching its own digital currency called eNaira on Monday 25 October 2021
  • Despite several hitches and complaints, CBN has promised Nigerians that eNaira is more reliable than any cryptocurrency

The Central Bank of Nigeria (CBN) has urged all Nigerians to use the eNaria, claiming it is more secure than cryptocurrencies.

This was disclosed by CBN spokesman, Nnamdi Okwuosa at the CBN Fair, with the theme, ‘Promoting financial stability and economic development.’

Explaining the benefits of eNaira, CBN said eNaira is more reliable if Nigerians want a digital currency for online transactions.

CBN Urges Nigerians to Trust eNaira Because it is More Reliable than Cryptocurrency, Protected From Scammers
Buhari unveils eNaira Credit: @femiadeshina
Source: Facebook

Okwuosa described the eNaira as a legal tender issued by a sovereign nation and regulated by the Central Bank of Nigeria, whereas cryptocurrencies are unregulated.

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Okwuosa said:

"Digital currency (eNaira) is more dependable than unregulated cryptocurrencies since the CBN was always on the lookout for dangers to the country's financial system and was therefore in a strong position to deliver reliable economic information, and Nigerians must pay attention to us."
"People losing money to fraudsters and unregistered financial institutions would be eradicated, according to a CBN spokesman, if people begin to listen exclusively to the CBN and shun organizations not regulated by the central bank."

On the programme the CBN director added that the CBN Fair provides a venue for the apex bank to hear customers’ grievances and inquiries and respond with appropriate answers.

He claims that the information gained from such exchanges aids CBN in adapting its policies to fit current demands.

CBN lament as fake eNaira Twitter account deceives Nigerians

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Meanwhile, had earlier reported that the Central Bank of Nigeria (CBN) has distanced itself from fake eNaira twitter account, @enaira_cbdc, which claims that the apex Bank is offering intervention funds to Nigerians.

The fake twitter handle said the financial regulator is disbursing 30 billion eNaira currency to Nigerians that sign up and provide their eNaira wallet details through the link @enaira_cbdc posted.

The twitter handle has attracted several followers while disguising to be an account owned by the central bank, and the monetary authority has warned Nigerians not to fall victim of the perpetrators trap.


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