Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), claims digital currency “will come to life even in Nigeria” several months after the CBN asked banks to stop providing the cryptocurrency services. While recognizing that his nation is among the world’s biggest crypto markets, Emefiele claims that his department is still investigating and would make data transparent.
Many Nigerians, according to the governor, have supported cryptocurrency.
In the meantime, the governor is quoted in a report as voicing his concern with the reality that many Nigerians are preferring cryptocurrency. He stated,
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.
The CBN’s February 6 guidance to banks seems to have missed to achieve its goal, according to multiple sources. Nigerians are becoming increasingly interested in cryptocurrency and other emerging financial technologies. For example, according to Bitcoin.com News, peer-to-peer digital currency trading volumes in the country have increased, while demand in bitcoin (BTC) remains one of the greatest in Africa.
Fluctuation in the cryptocurrency market
Meanwhile, Emefiele, who appears to be following happenings in the international crypto business, tries to use Elon Musk’s changeable opinions on Bitcoin to emphasize the cryptocurrency market’s flaws.
Musk has generated a series of statements regarding BTC and the cryptocurrency market in general in recent weeks, causing crypto values to plummet. Emefile stated:
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.
In the meantime, while announcing the CBN’s intention to developing a digital currency, Emefiele didn’t provide a timeline for when it will be implemented.