The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele has come out to say that the cryptocurrency ban was in the best interest of Nigerians.

He recently revealed this while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation.

According to him, dealing in cryptocurrencies is very dangerous, and its use directly contravened an existing law, so the ban had to be issued out.

He added that cryptocurrencies are issued by unregulated and unlicensed entities, and it goes directly against the mandate of the Bank, as enshrined in the CBN Act (2007), which declares the CBN as the issuer of legal tender in Nigeria.

His words, “Cryptocurrency is not legitimate money” because it is not created or backed by any Central Bank.”

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