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Controversies over Cryptocurrency Investment in Nigeria

Just recently, the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, spoke on Cryptocurrency Investment in Nigeria and reemphasised his stand that most are illegitimate.

Of course, this sparked up controversial reactions from Nigerians that participated in the Cryptocurrency Investment.

The apex bank claimed that thorough research was conducted focusing on the Nigerian economy’s performance and discovered that the assessment on a global scale doesn’t add up.

According to CBN’s findings, the study carried out under the widespread bitcoin-cryptocurrency dealings revealed that Nigeria occupies the second position. Still, on the flip side, the conflict of comprehending why Nigeria is number twenty-seven in the global size of the economy remains a hard nut to crack.

Overall, the CBN stance is that Nigerian cryptocurrency investment enthusiasts be cautious of the market. What is evident from the bank’s research (though key findings are yet to be revealed) is that while there is growth in the transactions of bitcoin investors in Nigeria, no increase or improvement is reflected in the country’s economy.

Meanwhile, reactions gathered across various social media platforms show investors with opposing views. Some condemned the message of CBN and the Federal Government in general, and others commended their actions because the CBN assured of introducing a legitimate cryptocurrency investment to the country once their research is completed.

Cryptocurrency Investment in Nigeria: Critics’ Position

Controversies Over Cryptocurrency Investment In Nigeria

Speaking on the issue, Ewan Ekpeyong, a bitcoin subscriber, argued that the CBN could not stop him from trading, adding that if CBN likes it or not, ‘We Nigeria citizens cannot stop using cryptocurrency.’

On his part, Sigismund Jumbo said the CBN Governor’s opinion bears no relevance to what Cryptocurrency represents. ‘Such high-level ignorance isn’t surprising, bearing in mind the mentality of those controlling Nigeria’s fiat currency. Cryptocurrency is future money storage that will incapacitate banks be it central or otherwise. Everyone must embrace Cryptocurrency now or be left behind.’

Meanwhile, Adeyemi M.O. described the CBN’s Governor declaration as clueless when he spoke about Elon Musk’s uncertainty over the future of the currency. Adeyemi said, ‘when a businessman is talking ignorance like this, I see negativity in his idea. Can you imagine how Emefiele explained cryptocurrencies? You and your cohorts have displayed failure as you can’t give what you don’t have.

A respondent, Del B., said the government have been calling the youth leaders of tomorrow but haven’t created any platform for work.

‘Now we have found a way of making money for ourselves through crypto, and you are here talking of banning Cryptocurrency. If you do, what do you expect us to rely on? We need answers.

John A. said that the Central Bank has no valid basis for stopping Nigerians from trading in Cryptocurrency since the government has banned everything that positively affects the masses.

He said, ‘Why don’t you ban yourselves first. We do not care. You and your government have failed us, but guess what? Posterity will judge you all in government today. Watch out!’

Another respondent, Solomon Eneojo, noted that the bank’s decision is not wise, stressing that genuine experts will advise and guide the CBN on how to go about the business.

A brief write-up from Usman Khalil also represents those against the ban of Cryptocurrency. He said, ‘I’m not surprised with his comment; it shows the degree of his ignorance about the new world..CLUELESS BUNCH OF LEADERS….’

Similarly, a comment from just Kingsley revealed how unhappy many youths are. He said, ‘Yes, we are the 2nd in crypto and bitcoin because the economy in the country is never favourable to the youths; instead, it’s only favouring those in politics.

‘We the youths are not contained in the economy; that’s why we have no choice but to do the crypto, which involves other countries economies. Nigeria is not favouring the youths, yet they are hunting where our livelihood lies.’

Bello Useni argued that the same CBN Governor who declared Cryptocurrency as illegal money is now promising to bring crypto to Nigeria. ‘Emefiele surely suffers from acute Living Muhamed Syndrome.’

CBN’s Supporters

Controversies Over Cryptocurrency Investment In Nigeria
Controversies over Cryptocurrency Investment in Nigeria 4

Despite heavy criticism of the actions of the CBN Governor, there are still Nigerians that believe his decision to ban crypto is a step in the right direction.

A comment from Ojindu endorses the government’s declaration. He said, ‘May GOD bless you for that promise, please fulfil it, for we are really in need of it, sir.

Bringing Bitcoin to Nigeria will be the most remarkable thing Nigeria will ever do for me.’

Similarly, Pope Isioma said it’s a welcome development but that the CBN should not delay ensuring it comes to fruition.

Musa Ibrahim thanked the Central Bank for the research to bring in a sure cryptocurrency, adding that it’s an excellent initiative. At the same time, his counterpart, Raymond Suleyol Ormbakpa, suggested that Nigeria start using her Cryptocurrency, #Zugacoin, as a means of transaction.

Others like Garba Aliyu said it’s about time Nigeria moves forward into greater investment possibilities as the country awaits CBN’s research results. Also, Usman Musa, said ‘We are happy to hear this because we need Cryptocurrency to be excess in Nigeria. Meanwhile, Naira is just falling. I prefer to convert everything to crypto.’

Abubakar Yakubu, who appreciated the central bank,

explained that what the country needs is an alternative currency that would help our economy. Precisely what the CBN is trying to do.

Nigerians await the research results of the apex bank regarding the legitimate cryptocurrency it promised to recommend for investors.

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