eNaira more reliable than cryptocurrency — CBN

The Central Bank of Nigeria has said that the eNaira is more reliable than cryptocurrencies.

The CBN Director of Corporate Communications, Nnamdi Okwuosa, said this at the CBN Fair to sensitise stakeholders and the general public in Abia and Ebonyi States.

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.

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

The fair themed ‘Promoting financial stability and economic development,’ provided an opportunity for stakeholders and the general public in the two states to understand the eNaira, consumer protection, currency operations, payment system management, and development finance initiatives.

He added that the CBN was constantly keeping an eye out for threats to Nigeria’s financial system, putting it in at a vantage point when providing reliable economic advice, adding that people “must listen to us.”

Okwuosa stated that losing money to scammers and unregistered financial institutions will be eradicated if people listen only to the bank and avoid unregulated institutions.