Cryptocurrency Will Come to Life: Central Bank of Nigeria Governor

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The governor of the central bank of Nigeria (CBN), Godwin Emefiele, has asserted that digital currency “will come to life even in Nigeria.” This statement comes just a few months after the apex bank ordered commercial banks in the country to stop facilitating cryptocurrency transactions.

While acknowledging that the country is a leading force in the crypto industry, Emefiele insisted that his organization carry out investigations and “make our data available.”

The governor expressed his displeasure in the recent crypto adoption boom in the country, noting that:

“We have carried out our investigation, and we found out that a substantial percentage of our people are getting involved in cryptocurrency, which is not the best. Don’t get me wrong, some may be legitimate, but most are illegitimate.”

Reports have shown that the organization’s recent anti-crypto directive to commercial banks to dissuade the use of crypto failed significantly. Nigerians have only gotten more involved in cryptocurrency and other emerging fintech since the bank directive was issued.

Peer-to-peer cryptocurrency transactions have grown into a multi-billion dollar industry in the country, while the country remains the highest user of Bitcoin and other cryptocurrencies in Africa.

Emefiele Exploits Recent Cryptocurrency Market Crash

Meanwhile, Emefiele tried to use recent comments from Elon Musk about Bitcoin’s carbon footprint to score points on the vulnerability of the crypto industry.

Musk’s recent comments on Bitcoin triggered a massive crash, which the market is still recovering from. Emefiele explained that:

“We saw the market collapse. Initially, Elon Musk tweeted around the time when we said our banking and payment facilities are no longer available for cryptocurrency transactions, and he tweeted that he will invest $1.5 billion, and the price (bitcoin) went up. He now tweeted and raised a few concerns, and the thing (cryptocurrency) plunged.”

Despite asserting that the CBN is considering creating a digital currency, the governor failed to provide a timeline or framework within which this project would follow.

 

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