The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, said on Tuesday cryptocurrency is majorly used for illegitimate transactions.
The CBN governor’ comment came three months after the apex bank clamped down on cryptocurrency transactions in the country.
The CBN had on February 5 directed deposit money banks to close accounts linked to cryptocurrency exchange in Nigeria.
Since the ban, Nigerians have had to use a peer-to-peer feature for Bitcoin transactions.
Emefiele said cryptocurrency transactions would not benefit everyone and cited the decline the digital asset had experienced since Tesla founder, Elon Musk, announced that the company would not receive Bitcoin for payment again.
He said: “Do you think that they would allow you to grow your cryptocurrency business to the second position if what is inside is the big deal that is going to profit everyone? It is not that simple.”
He warned Nigerians to be careful about the cryptocurrency market since Musk is skeptical about it.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...