The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency (cryptocurrency) “will come to life even in Nigeria” This is just a few months after the central bank ordered that banks should stop serving the crypto industry. He however insists that the CBN is still conducting its investigation and will “make our data available.”

Many Nigerians have

embraced cryptos

However, the governor expressed his displeasure at the fact that many Nigerians have embraced cryptocurrencies. 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.”

Several reports have shown that the CBN’s February 6 directive to banks appears to have failed in its objective. Nigerians interest in cryptocurrencies and other emerging fintech has continue  to grow. For instance, Bitcoin.com News recently reported that peer-to-peer cryptocurrency trade volumes in the country has surged while interest in bitcoin (BTC) remains one of the highest in Africa

Crypto currency volatility

Meanwhile, the CBN Governor, Emefiele, who seems to follow events in the global crypto industry, tried to use Elon Musk’s changing views on BTC to highlight the crypto market’s vulnerabilities.

 

In the past few weeks, Elon Musk has made series of comments about BTC as well as the crypto market in general and this has caused crypto prices to fall. He explained:

“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 (bitcoin) went up. He now tweeted and raised a few concerns and the thing (cryptocurrency) plunge.”

 

Despite revealing the CBN’s commitment to creating a digital currency, Emefiele, however, fails to give a time frame within which this is expected to come to life.