e-Naira is a Safer Option than other Cryptocurrencies, Says CBN Deputy Governor

He also added that the e-Naira would complement the existing financial stability.

Shunobi also hinted that the digital currency would also function similarly to the existing fiat naira.

In his words, the e-Naira will be an electronic version of cash and will facilitate instant settlement and increase financial inclusion in the country.

The CBN deputy governor further added that he expects the adoption of the e-naira to be rapid once fully launched.

The deputy governor noted that it would be easily distinguishable from other digital currencies that have only speculative purposes.

Shonubi admitted that digital currencies could significantly lower the costs of cross-border transactions.

However, he also noted the risks associated with digital currencies that the Central Bank needs to monitor and regulate.

These latest statements from Shonubi shows the current sentiments within the Nigerian central bank as the e-Naira draws closer.

The upcoming launch of the e-Naira has drawn mixed reactions from the local financial sector.

Some support the move due to its potentials to reduce financial exclusion and low costs of transactions.

However, the vast majority believe that it would have the desired effect on the failing financial system.

Many critics note the growing depreciation of the naira to the dollar as evidence of what would happen to the digital currency.

The Central Bank has not provided detailed information on whether the e-Naira will be used for cross-border transactions to facilitate faster and cheaper international trades.

Do you think that the e-Naira will be safer than cryptocurrencies like Bitcoin and Ethereum?