Nigeria set to launch digital currency - CBN

The Nigeria Central Bank Governor, Godwin Emefiele, has said that digital currencies (Crypto) have a place in the country. 

"We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria."

Emefiele said this during the 279th Monetary Policy Committee meeting in Abuja.

He add that, "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 second while in the global side of the economy, Nigeria comes 27th. 

"We are still conducting our investigation and we will make our data available.” Since the CBN’s ban on cryptocurrencies, peer-to-peer trading has increased greatly. 

"Paxful, a crypto trading platform, recently announced that Nigerians had traded $1.5bn to become its biggest market. In a February 7, 2021 circular, the CBN had said, 

"First, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria. 

"In effect, the use of cryptocurrencies in Nigeria is a direct contravention of existing law. It is also important to highlight that there is a critical difference between a Central Bank issued digital currency and cryptocurrencies. As the names imply. 

"While Central Banks can issue digital currencies, cryptocurrencies are issued by unknown and unregulated entities."


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