The digital currency issued and regulated by the Central Bank of Nigeria was launched in October 2021 as one of the first of its kind in the world and was designed to promote financial inclusion. However, the IMF expressed concerns regarding the currency’s trajectory in the cross-border economy and highlighted the potential risks of using eNaira, including cyber security and bank funding.
The Central Bank Digital Currency (CBDC) eNaira could be used for funding cross-border money laundering and terrorism, as there are certain cyber risks associated with eNaira transactions.
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