The Governor of the Central Bank of Nigeria, Godwin Emefiele, stated that a few months after the Central Bank ordered banks to stop serving the cryptocurrency industry, “digital currencies will become active even in Nigeria”. . Emefiele admits that his country is one of the world’s leading crypto markets, but he insists that his organization is still investigating and will “make our data available.”

Governor says many Nigerians accept cryptocurrency

At the same time, a report quoted the governor as expressing dissatisfaction with the fact that many Nigerians have accepted cryptocurrency. He says:

We conducted a survey and found that a large part of us are participating in cryptocurrency, which is not the best. Don’t get me wrong, some may be legal, but most are illegal.

As several reports have shown, CBN’s February 6 directive against banks appears to have failed to reach its goal. Nigeria’s interest in cryptocurrencies and other emerging financial technologies continues to grow. For example, News recently reported that the country’s peer-to-peer cryptocurrency trading volume has surged, while interest in Bitcoin (BTC) remains one of the highest in Africa.

Cryptocurrency market volatility

At the same time, Emefiele, who seems to follow major events in the global cryptocurrency industry, is trying to use Elon Musk’s changing views on BTC to emphasize the fragility of the cryptocurrency market.

In the past few weeks, Musk has made a series of comments on BTC and the entire crypto market, which has led to a fall in crypto prices. Emefiele explained:

We have seen the market collapse. Initially, when Elon Musk tweeted, we said that our banks and payment tools were no longer available for cryptocurrency transactions. He tweeted that he would invest 1.5 billion US dollars, the price (Bitcoin )rise. Now, he has tweeted, raised some concerns, and things (cryptocurrency) have plummeted.

At the same time, despite showing CBN’s commitment to creating a digital currency, Emefiele failed to provide a time frame in which it is expected to be realized.

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What is your opinion on Emefiele’s revelation that Nigeria will have its digital currency? Tell us what you think in the comments section below.

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