Cryptocurrency Will Come to Life: Central Bank of Nigeria Governor

Cryptocurrency Will Come to Life: Central Bank of Nigeria Governor

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.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.