IMF warns CBN that e-Naira may reduce deposits in Banks   

Nov 17 ( Lagos) - The International Monetary Fund has said the eNaira wallet may function as a deposit at the Central Bank of Nigeria and consequently reduce demand for deposits in commercial banks. The comment came barely four weeks after the President, Major General Muhammadu Buhari, and top officials of the central bank launched the eNaira at the State House, Abuja. 

As a result, the IMF  warned the CBN to manage the various risks associated with the digital currency especially the threats it pose to monetary policy implementation, cyber security, among others. The IMF disclosed this in its ‘Country Focus; Five Observations on Nigeria’s Central Bank Digital Currency.’

reporting for on Wednesday, Nov 17 2021 from Lagos, Nigeria
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