August 12, 2022

‘Cryptocurrency is not legitimate money,’ says Nigeria’s central bank governor

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Godwin Emefiele, governor of the Central Bank of Nigeria, has defended the apex bank’s decision to ban banks from servicing cryptocurrency exchanges in the country.

Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, Emefiele remarked that the CBN ban was in the best interest of Nigerians.

According to a report by media outlet Punch, while addressing the Senate committee, Emefiele remarked:

“Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”

The CBN governor also reiterated that despite the ban, the central bank was doing its due diligence to better under the emerging digital asset space.

As previously reported by Cointelegraph, the Nigerian Senate had summoned the CBN governor along with other heads of federal regulatory agencies to a hearing on the way forward for crypto regulations.

Other participating regulatory chiefs in the hearing also echoed the CBN’s negative stance, with Bolaji Owasanoye, chairman of theTitle: ‘Cryptocurrency is not legitimate money,’ says Nigeria’s central bank governor
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Published Date: Wed, 24 Feb 2021 14:40:47 +0000