Why eNaira is better than cryptocurrencies – CBN

The Central Bank of Nigeria (CBN) on Wednesday urged Nigerians to heed its directives and forget about cryptocurrencies in order to avoid further financial losses.

The CBN Director of Corporate Communications, Nnamdi Okwuosa, made the call at the apex bank’s Fair to sensitise stakeholders and the general public on eNaira operations in the country.

He stressed that eNaira is more reliable if Nigerians want a digital currency for online transactions.

Okwuosa described the eNaira as a legal tender issued by a sovereign nation and regulated by the Central Bank of Nigeria while cryptocurrencies are unregulated.

READ ALSO: CBN blows hot as fraudsters steal eNaira wallet details via Twitter

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

“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. Nigerians must listen to us.”

The CBN official declared that the frequency at which Nigerians lose money to fraudsters and unregistered financial institutions would be eradicated if people listen only to the bank and avoid unregulated institutions.

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