The Central Bank of Nigeria’s Governor, Godwin Emefiele, has assured Nigerians that digital currencies will soon have a place in the country. This was announced yesterday at the 279th Monetary Policy Committee meeting held at the country’s capital, Abuja.
CBN’s Emefiele 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 in the global side of the economy, Nigeria comes 27th.
Emefiele voiced his concerns surrounding digital assets using the CEO of Tesla, Elon Musk’s uncertainty as an example. “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.”
After stating his concerns, the CBN governor went on to say, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”
The central bank has already set up its committee, which is working on the concept.