Nigeria Will Soon Create Its Own Digital Currency — CBN

Following the ban on cryptocurrency transactions in Nigeria, the Central Bank of Nigeria, CBN, has disclosed plans for the country to create its own digital currency.

The CBN Governor, Godwin Emefiele, made the disclosure on Tuesday while addressing newsmen after a two-day meeting of the Monetary Policy Committee in Abuja.

According to a report by the Premium Times, Mr Emefiele said the apex bank had set up a committee to that effect.

When asked whether the CBN had been vindicated following the crash of cryptocurrency in recent weeks, Mr Emefiele said the CBN investigated and found out that a substantial percentage of Nigerians are involved in cryptocurrency.

“Don’t get me wrong, some may be legitimate but I dare say most are illegitimate and I will corroborate that,” he said.

“Under cryptocurrency and bitcoin, Nigeria comes second right? But in the global size of the economy, Nigeria comes 27th.

“So do you think that there is some correlation? You think those countries whose economies are second and 26th will allow you to grow your cryptocurrency business to second position, if what is inside is a big deal that is going to profit everybody?” he asked.

Speaking on the volatility of the cryptocurrency market, Mr Emefiele cited how Tesla boss, Elon Musk, tweeted that he was going to invest about $1.5 billion in crypto and the rates went to the highest roof.

“And he then tweeted again and raised a fee concerns and the thing plunged,” the CBN governor said.

“Elon Musk had himself decided that he will no longer deal in cryptos. And so if a man who felt it was good suddenly decides to say it’s no longer good and then you…don’t forget, those who invented crypto said it is encrypted.

“When they say it’s encrypted, it means that whatever is happening between me and you is only known to the two of us.

“And you know what? In case I defraud you because it is encrypted, you can’t even disclose my name and you can’t even get your money back.”