The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that there is an ongoing investigation that suggests a substantial percentage of Nigerians engage in cryptocurrency.
His remark on the topic during the 279th monetary policy rate (MPR) meeting held in Abuja was that “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency.”
Emefiele further evaluates the legitimacy of cryptocurrency and said that “some may be legitimate but most are illegitimate.”
- CBN licence requirements for mobile money operators
- The use of cryptocurrency is not illegal but the operation is – CBN
The CBN who considers cryptocurrency trade inappropriate is therefore planning to launch a central bank-issued digital currency Emefiele reveals.
Nigeria is a leading cryptocurrency market in the world and Emefiele who admits to that also cited the recent collapses in the crypto market triggered by Elon Musks tweets.
The CBN impeded the use of cryptocurrency in Nigeria a few months ago and banned all operations in banks and payment facilities. All cryptocurrency accounts and transactions in Nigeria are null at this time due to the ban.
- CBN Rules On QR Code Payments And Services In Nigeria
- CBN extends Naira 4 Dollar Scheme until further notice
This was a logical effort by the CBN to manage the risks of cryptocurrency trading in Nigeria as well as the possession of digital assets.
This, however, did not restrict Nigerians from engaging in cryptocurrency trading.
CBN will release the data from the cryptocurrency investigation for public viewing when it is complete.