CBN says e-Naira safer than Bitcoin, other popular cryptos
![CBN Godwin Emefiele (credit: Bloomberg)](https://i1.wp.com/gazettengr.com/wp-content/uploads/Godwin-Emefiele-1.jpg)
The Central Bank of Nigeria (CBN) has ascribed stability to the banking system as an advantage of adopting its soon to be launched digital currency, e-Naira.
Folashodun Shonubi, the bank’s deputy governor in charge of operations, made comments at a seminar hosted by the Chartered Institute of Bankers of Nigeria in Lagos, themed ‘Central Bank Digital Currencies: Insights for the 21st Century Banker.’
“The Central Bank in its implementation has ensured the e-Naira feeds our economy and provides greater value,” Mr Shonubi said. “The Central Bank Digital Currency (CBDC) will also make it easier for the banking system to comply with existing laws such as anti-money laundering, customer protection against fraud and ensuring the safety and stability of the payment system.”
Mr Shonubi stated that the e-naira would prove safer than “privately issued cryptocurrency”, he adds that the launch of digital currency would be to complement existing payment pathways, thereby ensuring a stable system.
“For banks in developing nations, it will enhance their liquidity, efficiency in national remittances and challenge the high cost of remittances as the world rebounds in the post-pandemic. I am of the view that the era of CBDC promotes greater opportunities, and the central bank must be aware of the risks and mitigate them,” Mr Shonubi said.
The CBN had earlier announced the launch of its digital currency (e-Naira) pilot program in October. He also spoke on the importance of eNaira in Africa’s largest economy that included cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social interventions.
Peoples Gazette reported in August that the apex bank had chosen Barbados-based financial tech company Bitt Inc. as the technical partner for the eNaira project. Nigeria’s adoption of digital currency and trade follows a trend of central banks worldwide deliberating on whether to adopt digital currencies in their countries.
The e-Naira project came months after the CBN banned the trade of digital assets in the country, instructing banks to shut down accounts of customers involved in cryptocurrency transactions. The action was widely criticised as throwing the country of about 200 million back to the dark ages, especially as Nigerians had already gained worldwide recognition as critical cryptocurrency traders.
More from Peoples Gazette
![Rivers State Governor Nyesom Wike, Kogi State Governor Yahaya Bello, and Lagos State governor, Babajide-Sanwo-Olu](https://i1.wp.com/gazettengr.com/wp-content/uploads/Rivers-State-Governor-Nyesom-Wike-Kogi-State-Governor-Yahaya-Bello-and-Lagos-State-governor-Babajide-Sanwo-Olu.png)
Economy
VAT: Wike, Sanwo-Olu pursuing selfish, divisive policy, Yahaya Bello says
Governor Yahaya Bello, through his information commissioner, Kingsley Fanwo, lambasted his colleagues for pushing for independent collection of VAT.
![Lagos State governor, Babajide-Sanwo-Olu and Rivers State governor, Nyesom Wike](https://i1.wp.com/gazettengr.com/wp-content/uploads/Lagos-State-governor-Babajide-Sanwo-Olu-and-Rivers-State-governor-Nyesom-Wike.png)
Economy
JUST IN: Appeal Court orders Rivers, Lagos to stop collecting VAT
The order was issued by Justice Haruna Tsanami on Friday.
![](https://i1.wp.com/gazettengr.com/wp-content/uploads/Jean-Claude-Kassi-Brou-Shirley-Ayorkor-Botchway-Alpha-Barry-and-Mamady-Doumbouya.png)
Politics
ECOWAS demands coup plotters return Guinea to democracy
ECOWAS commission president and foreign affairs ministers of Ghana and Burkina Faso are leading the delegation.
![](https://i1.wp.com/gazettengr.com/wp-content/uploads/Sanwo-Olu-1.png)
Lagos
Sanwo-Olu signs VAT Bill into law
Lagos State Governor Babajide Sanwo-Olu has signed into law the State VAT Bill as passed by the House of Assembly.
![Russian President, Vladimir Putin and Ukrainian President Volodymyr Zelenskiy](https://i1.wp.com/gazettengr.com/wp-content/uploads/Russian-President-Vladimir-Putin-and-Ukrainian-President-Volodymyr-Zelenskiy.png)
Politics
War with Russia is possible, says Ukraine’s President Zelenskiy
The conflict in eastern Ukraine involving Russia is estimated to have killed 14,000 people since 2014.
![sunny weather](https://i1.wp.com/gazettengr.com/wp-content/uploads/sunny-weather.jpg)
Uncategorized
NiMet forecasts cloudiness, rains, sunshine for three days
The Nigerian Meteorological Agency (NiMet) has predicted three days of cloudiness and sunshine from Friday to Sunday.