The International Monetary Fund has advised the Central Bank of Nigeria to prepare for the eNaira’s potential to threaten the country’s financial and economic stability.
The IMF said, “Like digital currencies elsewhere, the eNaira carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability.
“For example, eNaira wallets might be viewed as, or perhaps act as, a deposit at the central bank, reducing demand for commercial bank deposits.” There is a requirement to manage the eNaira’s cybersecurity and…
