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Cryptocurrency

eNaira is More Reliable Than Cryptocurrency- CBN

eNaira is More Reliable Than Cryptocurrency- CBN

  • The Central Bank of Nigeria has urged Nigerians to trust in its newly released digital currency eNaira
  • Despite various complaints, the apex bank has promised that the digital asset is more reliable than any cryptocurrency
  • The Online currency was launched in October, 8 months after cryptocurrency was banned in the country

The Central Bank of Nigeria has promised that its recently released online currency, eNaira is more reliable than cryptocurrencies.

The CBN Director of Corporate Communications, Nnamdi Okwuosa made this claim while sensitizing people at the CBN fair in Abia and Ebonyi States.

The fair themed ‘Promoting financial stability and economic development,’ was set up by the apex bank to help the general public in both states understand the digital token better.

Okwuosa described the digital currency as a legal tender that is issued by the country and regulated by the Central Bank unlike cryptocurrencies which are unregulated.

eNaira

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

Okwuosa added that CBN was watching out for threats to Nigeria’s financial system and urged people to listen to them.

Read also: Shiba Inu Whale Turns $8,000 to $5 Billion in 400 Days

He also stated that Nigerians can avoid scams and unregistered financial institutions if they adhere to the bank’s instructions.

It’s been 9 months since the CBN issued a ban on cryptocurrencies in Nigeria, after which it released its own digital currency, the eNaira.

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