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CBN Governor Says Cryptocurrency Will Have a Place in Nigeria

Despite his concerns and reservations about cryptocurrency, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has assured Nigerians that digital currencies will be introduced in the country. Emefiele said this during the 279th MPR meeting held recently in Abuja.

He said, “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.

“Under cryptocurrency and Bitcoin, Nigeria comes 2nd while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.

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“We saw the market collapse. Initially, when 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.”

Regardless, Emefiele concluded: “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”

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