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CBN backpedals, to allow cryptocurrency in Nigeria ‘soon’


By Salim Yunusa

The governor of the Central Bank of Nigeria, Godwin Emefiele, has said it will allow Nigerians to trade in cryptocurrency almost four months after it informed banks to close cryptocurrency linked accounts.

In February, Emefiele had ruled out the central bank’s support for the digital currency, stating that it is used to fund criminal activities and no credible investors will want to be associated with it.

He reiterated this sentiment after the CBN monetary policy committee meeting, stating that cryptocurrency is mostly used for illegitimate businesses as the apex Bank has carried out its investigation.

“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.”

However, despite its findings of illegality and criticism of cryptocurrency, Emefiele said the digital currency will come to life in Nigeria:

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

But the governor of the central bank didn’t state if it will be in form of payment or investment. Emefiele also didn’t state the date cryptocurrency will become legal again.

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