The International Monetary Fund (IMF) has warned that Nigeria’s eNaira could be at risk of money laundering. Although previously stated that central bank digital currency (CBDC) is safer than bitcoin and other cryptocurrencies.
followConsultation of the IMF atReleased this month, the use of eNaira for cross-border payments poses a risk of money laundering and terrorism financing. Conducting a broader risk assessment alongside current anti-money laundering and combating terrorist financing.
Nigeria’s CBDC uses a tiered customer identification model. There are strict daily transaction limits for each floor. where the lowest level of customers covers the unbanked population. Will be able to spend only 120 dollars per day. The upper level has a daily limit between $487 and $2,438.
In addition to the risks of money laundering, the IMF report highlights the cybersecurity concerns associated with the Nigerian CBDC.
The Central Bank of Nigeria (CBN) launched eNaira in October 2021, following a ban on banks from offering crypto exchanges earlier this year. In the first month, CBN claimed close to 500,000 customers downloaded the cryptocurrency wallet with its members. Nearly 80,000 stores
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