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Nigeria Government Will Launch Digital Currency – CBN

The Central Bank of Nigeria has said that Nigeria will launch a digital currency, an e-version of the Naira very soon.

Speaking at the 279th MPR meeting held Tuesday in Abuja, Governor, Godwin Emefiele, said with this, Nigeria tracks other nations which plan or have launched digital currencies.

He said that China is expected to roll out the e-Yuan, its digital currency, at scale, later in the year, and that the United States has also started work on e-dollars.

Digital Currency Will Come To Nigeria

“We are committed in the CBN and I can assure everybody that cryptocurrencies will come to life even in Nigeria,” the apex bank governor said.

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He said, “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 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.”

Emefiele voiced his concerns surrounding digital assets using the CEO of Tesla, Elon Musk’s uncertainty as an example.

“We saw the market collapse. Initially, 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 (Bitcoin) went up.

He now tweeted and raised a few concerns and the thing (Cryptocurrency) plunged,” he said.

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tori4town

Tori4Town is the print name for one of the authors of the Tori4Town news platform. An engineering student who derives satisfaction writing about trending news stories.

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