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Thursday, 25 January 2018

We Can't Risk People's Savings - CBN Governor Rejects Cryptocurrency, Bitcoin Trading For Nigerians

We Can't Risk People's Savings - CBN Governor Rejects Cryptocurrency, Bitcoin Trading For Nigerians

Godwin Emefiele

The governor of the Central Bank of Nigeria has highlighted the dangers in bitcoin trading, telling Nigerians that investing in virtual currencies will not be supported by CBN.

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While speaking during an interview in Abuja, governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said that investing in virtual currencies such as bitcoin is a “risk that cannot be supported” by the apex bank.

According to TheCable, Emefiele highlighted the “dangers” in bitcoin trading, saying he had commissioned the bank to carry out research into the market to understand underlying issues.

“Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful,” he said.

“We cannot as a central bank give support to situations where people risk savings to gamble.

“I have asked my colleagues in the research and monetary-policy department to study the market and get to know what the issues are.

“The central bank may in future make some very concrete pronouncements as to the direction.

Earlier in January, the central bank had released a statement, advising Nigerians to desist from the use of such currencies.

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