CBN Promises to Bring Cryptocurrency Back to Nigeria: What This Means

• The Central Bank of Nigeria has to introduce digital currencies back to Nigeria

• According to the CBN Governor, Godwin Emefiele, a substantial number of Nigerians are already getting involved in Cryptocurrency trading

• Find out how an removal of the crypto ban will affect Nigerians

In what may mark an amazing turnaround, the Central Bank of Nigeria may be set to legalize cryptocurrency in the country again.

During the 279th MPR meeting which was held in Abuja today, the CBN Governor, Godwin Emefiele give Nigerians the assurance of digital currencies returning to Nigeria.

According to the governor, there have been a substantial number of the country’s population getting involved in cryptocurrency again.

He stated that this puts a lot of the inexperienced population at risk of illegitimate digital currencies.

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.

Emefiele also expressed strong uncertainty that surrounds the crypto world using billionaire menace, Elon Musk as an example.

It can be remembered that Musk and Tesla drove the value of this high after announcing that they would invest $1.5 billion.

The controversial billionaire also caused coins to drop after tweeting about environmental concerns surrounding Bitcoin mining.

Read also: Bitcoin Rises Again as Elon Musk Backs Cryptocurrency

How Nigerians get to benefit from the removal of the Crypto ban

The removal of cryptocurrency ban in the country will make the purchase and sale of digital currencies easier.

Nigerians will be able to buy Bitcoin and other assets with their debit cards, without the need for P2P and OTC traders.

This is a safer option that reduces the risk of losing funds to scammers.

Whichever way this goes, we believe that the removal of digital currency ban puts Nigerians in a better position in the crypto world.

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