Despite recent order by Nigeria’s apex bank to all financial institutions to stop rendering services to cryptocurrency businesses and close all accounts linked with digital currencies, many Nigerians believe the CBN should have focused more on the benefits of cryptocurrency rather than banning it outrightly.
The argument regarding the volatility of crypto notwithstanding, many would still prefer to trade in Bitcoin or Dogecoin for instance rather than going to the farm where they may not return back and where their investments may be gone due to activities of killer herdsmen. You just have to choose your risk these days.
As the price of Bitcoin continue to rise and many analysts believe it could reach $100,000 by the end of the year, many Nigerians who have lost their livelihoods due to Covid 19 have taken solace in cryptocurrencies as the last hope to earn a living.
Nigerians have made over $500 million in transactions which involves cryptocurrencies in half a decade according to the former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu.
The country is the largest peer-to-peer trader currently in Africa and second behind the United States. Binance and Luno have since suspended naira deposits on their platforms after the CBN order. Bamboo and Risevest have also stopped deposits on their platforms.
Cryptocurrency trading has no doubt created another platform for the teeming unemployed youths to earn and live a decent life. Hence, the CBN should review the policy.