Why Nigerians trade in crypto, $500m worth of bitcoin traded in 5 years by Nigerians -Moghalu

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has said that $500 million worth of Bitcoin has been traded in Nigeria within the last 5 years.

This is as the former Presidential Candidate, who was once in charge of the financial systems directorate at the CBN said that many Nigerians trade in these cryptocurrencies because it protects them from the fluctuations in the value of the naira.

CBN to approve Cryptocurrency & Blockchain Technology

Central Bank of Nigeria (CBN) sequel to setting up of an industry committee to look into and articulate a road map for Blockchain & Cryptocurrency regulation has reiterated that it will not hinder the use of digital currencies in Nigeria.  

The regulator in a recent brief with industry experts stated that an agreement has been reached to formally adopt its use in Nigeria.

MMM: NDIC,CBN looking into digital currency – official

Governor, Central Bank of Nigeria (CBN),
Mr Godwin Emefiele

As the popular ponzi scheme, Mavrodi Mudial Moneybox, MMM, has seemed to induct many Nigerians into its fold,  Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit Insurance Commission (NDIC), on Friday said the commission and CBN had set up a committee to look into the trending “digital currency, ‘bitcoin’. Ibrahim said this at the ongoing 2016 Workshop for Financial Correspondents in Kaduna.