Recent development has it that Godwin Emefiele, The Central Bank of Nigeria Governor, on Tuesday, disclosed that Nigeria is looking to launch its first digital currency. Following this news, the Nigerian government seeks to monitor nations with existing digital currencies and those with plans of creating one.
As expected, China is one of such nations set to release its digital currency, e-yuan at scale by year end.
“We are committed in the CBN, and I can assure everybody that digital currency will come to life even in Nigeria”, said the CBN Governor during the 279th Money Policy Rate (MPR) held in Abuja as reported by Nairametrics.
In his words, “We have carried out our investigation and we have 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 2nd while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”
Showing concerns surrounding digital assets using the CEO of Tesla, Elon Musk’s uncertainty as an example, the CBN Governor went further to say, “We saw the market collapse. Initially, when Elon Musk tweeted around the time when we said our banking and payment facilities are no longer available for cryptocurrency transactions and he tweeted that he will invest $1.5 billion and the price of Bitcoin went up. He now tweeted and raised a few concerns and the thing plunged.”
This is a great development and we believe something good is about to hit the Nigerian crypto space.