IMF has concerns on e-naira
IMF has concerns on e-naira. This was disclosed in the International Monetary Fund’s ‘Nigeria Staff Report for the 2021 Article IV Consultation’.
“Prospective expansion of eNaira use to cross-border fund transfers and agency bank networks may cause new money-laundering/financing of terrorism risks.”
“There are cyber security risks associated with the eNaira. Unforeseen legal issues, including for private law aspects of its operations (e.g., the exact nature of legal relationship between the wallet providers and CBDC holders), may subject eNaira to litigation and operational risks,” it added.
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“There are financial integrity risks which are mitigated by using a tiered identity verification system and applying more stringent controls to relatively less verified users.”