[WATCH] Crypto Significantly Threatens the Safety and Soundness of Nigerian Financial System, Says Governor, Central Bank of Nigeria

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The Central Bank of Nigeria (CBN) Governor has appeared before the Nigerian Senate and said that cryptocurrencies is a tool used by criminals and dark players.

The Governor said that the CBN has concluded that the opaque activity of crypto significantly threatens the safety and soundness of the country’s financial system.

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SEE ALSONigerian Senate Summons the Central Bank of Nigeria Governor to Clarify on the Crypto Policy and Ban

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In a statement before the Nigerian Senate, Mr. Godwin Emefiele said:

“Cryptocurrencies is money created out of thin air. … cryptocurrency is used to describe the activities of players in an electronic dark web where transactions are completely black – they are not white, visible, and not transparent.”

                     – Governor, Central Bank of Nigeria

The Governor added that the bank has been studying crypto development in Nigeria following massive use in the country and now know enough to warn that cryptocurrencies significantly threaten the financial system.

The CBN also added:

“For avoidance of doubt, we have tasked our banking supervision, payment systems, and IT departments to conduct a thorough investigation into the activities of current exchanges [crypto] and their major players.

The result of the investigation will lead to a better understanding of the activities and maybe availed to all in due course.”

                               – Governor, CBN

Mr. Godwin also spoke on Nigeria’s ranking as one of the largest markets for crypto use saying:

“That is why we sometimes wonder from data available that Nigeria comes second in the world in the use of a tool that is used to facilitate scam, finance laundering, and terrorism.”

                          – Governor, CBN

The governor said the regulator will continue to monitor the space for the good of Nigeria and Nigerians.

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RECOMMENDED READING: Reactions from Tech and Crypto Heads Following the Regulatory Warning by the Central Bank of Nigeria on Crypto

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