Godwin Emefiele, the governor of the Nigerian Central Bank (CBN), had stated that Nigeria’s government should be doing everything within its power and capability to successfully stop cryptocurrencies from being utilized to finance nefarious, illegal, and illicit activities within the country.
It had been during the Monetary Policy Committee’s 279th meeting that Emefiele displayed confidence in cryptocurrencies such as Bitcoin (BTC) and the idea that cryptocurrencies will one day be officially considered as being legal in Nigeria. It should, however, be mentioned that Emefiele hadn’t discussed any kind of desire to reverse the ban that had been put into effect this past February pertaining to outlawing the selling and buying of crypto by various institutions, but he did nevertheless acknowledge the fact that cryptocurrencies are being investigated with a renewed perspective by the bank.
Digital currencies to arrive in Nigeria
In his official statement, Emefiele had reminded everyone that the CBN remains fully committed to bringing digital currencies to Nigeria. However, the investigation into cryptocurrencies is still ongoing, and that the data derived from them shall be made available soon.
Emefiele had also stated that the country’s government realizes that cryptocurrencies are often used for illegal as well as immoral activities and operations and that a lot of Nigerian citizens themselves have been and continue to be actively involved in these types of undesirable situations. The governor acknowledged the fact that there are law-abiding citizens who may be involved with cryptocurrency but that this number is much smaller when compared to those who are involved in what is considered to be illegal under the law.
Furthermore, regarding the recent cryptocurrency market crash, Emefiele shared his opinions on it as well. He said that Elon’s seemingly sporadic tweets are a cause for concern and that Bitcoin is indeed suffering at the moment, thanks in part to the billionaire’s recent decisions.
Nigeria is the largest BTC trading source in Africa
Over the years, Nigeria has managed to transform itself into becoming the largest source of BTC trading volume within Africa by August of last year. Through this, the country simultaneously also became a crucial market for the cryptocurrency industry and a rapidly-growing one at that. In fact, the only nation to surpass Nigeria in trading volume in the United States itself.
Moreover, as Bitcoin adoption becomes increasingly commonplace in Nigeria, the country’s own national currency experienced a continuous and steady dip. Senator Sani Musa had stated that Bitcoin has effectively rendered the naira to be nearly ‘valueless as well as useless’ in this day and age.