Governor Emefiele Says that Many Nigerians Have Embraced Crypto.
Meanwhile, a report quotes the governor expressing his displeasure at the fact that many Nigerians have embraced cryptocurrencies. He said:
We have carried out our investigation and we noticed that a substantial percentage of our citizens are getting involved in cryptocurrency which is not supposed to be. Don’t get me wrong, some may be legitimate but most of these coin are illegitimate.
As several reports have shown, the Central Bank of Nigeria’s February 6th directive to all Nigerian banks appears to have failed in its objective. Nigerian interest in cryptocurrencies and other emerging fintech continues to grow gradually.
For instance, there are speculated news recently reported that peer-to-peer cryptocurrency trade volumes in the Nigeria had surged while interest in bitcoin (BTC) remains one of the highest in Africa.
Crypto Market Volatility
In the meantime, the CBN o sGov. Emefiele following the events in the global ups and downs of the crypto industry, attempts to use Elon Musk’s changing views on BTC to highlight the crypto market’s vulnerabilities.
In the past few weeks, Musk has made a series of comments about BTC as well the crypto market in general and this has caused crypto prices to fall. Emefiele explained:
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) plunge.
Meanwhile, despite revealing the CBN’s commitment to creating a digital currency, Emefiele, however, fails to offer a time framework within which this is expected to come to life.
What are your views on Emefiele’s revelation that Nigeria will have its digital currency?
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