Our Recent Directive was Necessary to Protect the Financial System and Nigerians from Risks Inherent in Crypto Assets Transactions, Says Governor, Central Bank of Nigeria

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has shed further light on the reasons behind the recent crypto ban that restricts financial and deposit-taking institutions from dabbling in cryptocurrencies.

The governor, represented by the Deputy Governor, Adamu Lamtek, was speaking at the 30th Seminar for Finance Correspondents and Business Editors, an event organized by CBN.

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In a keynote address, the governor said:

“Our recent directive only amplified an earlier regulation on the subject of cryptocurrency. The recent directive became necessary to protect the financial system and the generality of Nigerians from the risks inherent in crypto asset transactions, which have escalated in recent times, with consequences on financial stability and implementation of monetary policy.

                   – Governor, Central Bank of Nigeria

In an effort to ensure an effective and efficient payment system, the governor said the robust regulatory framework put in place by the bank had opened up the payment system to innovations which has helped create employment opportunities and further encourage efforts to buld a more financally inclusive economy.

The Governor’s statement indicate the CBN’s efforts to protect the financial system that the bank has worked hard to build over the last 15 years.

Mr. Godwin reiterated the bank’s efforts at improving and encouraging foreign exchange inflows via the introduction of the refund of N5 for every $1 of fund remitted into the country through IMTOs licensed by CBN.

The above directive is meant to enable and encourage more Nigerians in the diaspora to use more formal channels relative to informal ones.

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RECOMMENDED READING: I Have No Problem with Blockchain, But What Problem are You Solving? Asks Governor, Central Bank of Kenya

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