Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria


eNaira More Reliable Than Cryptocurrencies ; CBN. Asks Nigerians to Trade with the Digital Currency.

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The Central Bank of Nigeria (CBN) has called on all Nigerians to use the eNaria, saying that 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.’

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.”

Explaining further, the apex bank spokesman noted, “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.”

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