CBN Governor Godwin Emefiele says digital tokens “will come to life even in Nigeria.”
Following several negative sentiments attached to cryptocurrencies by the CBN, Godwin Emefiele considers their growth as inevitable. He believes the cryptocurrencies’ reign will continue to prevail in Nigeria regardless of warnings and bans and all other anti-crypto efforts by regulators and governmental agencies.
Major Updates
- CBN to release Nigeria’s first ever CBDC.
- Emefiele believes the fight against crypto is futile.
- CBN ban rather than quell crypto spikes up P2P services.
- Emefiele picks on the volatility of the crypto market.
Owing to the relentlessness and never stopping attitude of Nigerians towards cryptocurrencies, the governor of the central bank of Nigeria expresses his thoughts. He believes that regardless of anti-crypto regulations, Nigeria will remain one of the largest crypto markets there are globally.
Initially, Emefiele had before expressed displeasure over the rampant use of cryptocurrencies in Nigeria. He had reported that during investigations, it had been found that a significant percentage of Nigerians were getting involved in the concepts of digital money. He expressed that while some of these numbers of cryptocurrency practices were legitimate, others were criminal.
Concerning the ban placed in February, reports have shown no effect on the rising numbers of the Nigerian crypto market. Substantially, all the ban did was spike up P2P rates across Nigerian traders.
This can be seen in many updated rankings and studies. A good example is Paxful who had recently announced Nigeria as their largest market.
With a market capitalization of over US$1.5 billion and a population of over 1.5 billion users, Nigeria is the giant of the P2P exchange, Paxful.
Additionally, Emefiele had referenced the latest market influencing rave by Musk and his crypto tweets. He referred to the volatility of the crypto market as opposed to Fiat currencies.
He discussed the effect on the market when Musk had first invested US$1.5 billion of Tesla’s portfolio in crypto and the effect when he removed Bitcoin from Tesla’s balance sheet.
Conclusion
Meanwhile the Central Bank of Nigeria has announced to issue a CBDC. Although the date of this has not been disclosed, Nigeria will soon have its first ever CBDC.
Question of the Day
What do you think about Nigeria getting a CBDC?
