Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), predicts digital currency “will come to life even in Nigeria,” just months after the CBN ordered banks to stop supplying the crypto industry. While acknowledging his country's status as one of the world's biggest crypto markets, Emefiele claims his team is still investigating and will “make our data transparent.”

Governor Says Many Nigerians Have Embraced Cryptos

Meanwhile, a report claims that the governor is upset because many Nigerians have embraced cryptocurrencies. He stated:

We conducted our analysis and discovered that a significant portion of our staff are becoming interested in cryptocurrency, which is not ideal. Don't get me wrong: some are authentic, but the most are not.

As various reports have indicated, the CBN's February 6 mandate to banks appears to have failed to achieve its goal. Nigerians' interest in cryptocurrency and other emerging financial technologies is growing. Bitcoin.com News, for example, recently reported that peer-to-peer cryptocurrency trade volumes in the country had increased, while interest in bitcoin (BTC) remains among the highest in Africa.

Crypto Market Volatility

Meanwhile, Emefiele, who appears to be following happenings in the global crypto business, attempts to exploit Elon Musk's shifting views on Bitcoin to highlight the crypto market's flaws.

Musk has made a series of statements regarding BTC and the crypto market in general in recent weeks, causing crypto values to decline. Emefiele elaborated:

We witnessed the market's demise. Initially, Elon Musk tweeted around the time we announced that our banking and payment facilities would no longer be available for cryptocurrency transactions, and he tweeted that he would invest $1.5 billion, and the price (bitcoin) rose. He then tweeted a few concerns, causing the thing (cryptocurrency) to plummet.

Meanwhile, despite announcing the CBN's commitment to establishing a digital currency, Emefiele fails to provide a timeframe for when this is expected to happen.

What are your views 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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