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HomeBusinessNigeria Will Soon Create Digital Currency, CBN Says

Nigeria Will Soon Create Digital Currency, CBN Says

The Central Bank of Nigeria, CBN, will soon create its digital currency, as the bank continues to faces questions over its ban on cryptocurrency transactions in the country.

This was revealed by the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, while addressing journalists after a two-day meeting of the Monetary Policy Committee in Abuja.

According to him, the idea of a digital currency would soon become a reality in the country, and that the central bank has already set up its committee, which is working on the concept.

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He said:

“If you want an economy to grow, the level of insecurity must be low because if there is a high level of insecurity like what we see today, the economy will suffer.”

“I, therefore, would like to appeal to our brothers, who decide that they want to live in bushes and forests, that they should please, begin to retreat, drop their arms and come and embrace the anchor borrowers’ programme

“If they do so, it will help them; if they choose not to do so, they will be confronted by the security as this battle continues.

“I am optimistic before the end of the year that the security challenges confronting the country will substantially abate.”

“almost the whole of N300 billion has now been disbursed” from the bank’s facility designed to provide succor to households and SMEs affected by the harsh impact of the pandemic.

On cryptocurrency, he said:

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

“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?”

“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 know 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.”


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