CBN Speaks on Future of Cryptocurrency in Nigeria As Bitcoin Value Rises Above $30,000, First Time in 10months

  • The hype around cryptocurrency in Nigeria appears to have calmed down, and the CBN remains firm in its stance.
  • However, the cryptocurrency market has recently seen a consistent rise in value and has been trading above $30,000, for the first time in 10 months.
  • Notably, Elon Musk’s preferred digital currency, Dogecoin, has also seen a significant increase in value

For the first time since June 2022, Bitcoin, the world’s largest cryptocurrency has just increased from $20,000 back to $30,000 (N13.93 million)..

Data obtained from Coinmarketcap shows that the value of one bitcoin on Saturday, April 15 stood at $30.30k.

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Similarly, Ethereum the second most valued digital currency has increased in value $2,102.06 from $1,869 a week ago.

Bitcoin value rises above $30,000, first time in 7months Credit: Coinmarketcap

What happened to cryptocurrency

The world of the cryptocurrency hit a significant low in the third quarter of 2022, and damage was further done with the wave of bankruptcies that followed Three Arrows’ collapse: Voyager Digital, Celsius, FTX, Blockfi, and Genesis Global among several others.

Before the collapse, Bitcoin around November of 2021 hit a record high of $68,000, and many young millionaires were made.

Most notable is Bankman-Fried, the founder and CEO of the cryptocurrency exchange FTX, who fell from a net worth high of more than $20 billion and was ranked above Aliko Dangote on the Bloomberg Billionaires Index.

Billionaires’ View on Cryptocurrency

Serial billionaires, such as Bill Gates, and Warren Buffet, among others, are not convinced about cryptocurrency.

In his latest comment, Buffet compared investing in cryptocurrency to visiting a gaming center.

However, Elon Musk holds a different opinion and has been actively promoting his favorite digital currency, Dogecoin. Dogecoin has enjoyed a recovery in the cryptocurrency world in the last few days, closing at $0.88, compared to $0.83 a week ago.

CBN remains resolute on future of cryptocurrency

Meanwhile, Nigerian crypto enthusiasts will have to wait longer to see if the Central Bank of Nigeria allows the use of cryptocurrency transactions through Nigerian banks.

Blaise Ijebor, director Risk Management Department and Chief Risk Officer, CBN in a recent Prembly Compliance Breakfast Dialogue revealed that there are no ongoing plans to change the apex bank position for the cryptocurrency market. His words:

“Our position has not changed (on crypto) and I am not sure it will ever change. If you want to use digital assets, use eNaira. It has all the properties of a digital asset.”

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