$500m worth of Bitcoin Traded in Nigeria in the last Five Years – Moghalu
Former Deputy-Governor of the Central Bank of Nigeria, Kingsley Moghalu has revealed that $500 million worth of Bitcoin has been traded in Nigeria within the last five years.
Moghalu said this reacting to the recent CBN policy which directed all banks to close accounts that transact in cryptocurrency.
Speaking during an interview on Channels Television’s Sunday Politics, the former Presidential candidate slammed the move of the apex bank.
According to him, regardless of the risks involved in trading in cryptocurrencies, he would not recommend that it be banned outrightly. He called on the Nigerian government to stop taking actions perceived to be against Nigerians.
“A lot of the activities in the world are going digital and I would not recommend banning it (cryptocurrencies) outright.
“$500 million worth of Bitcoin has been traded in Nigeria within the last five years and Nigeria is one of the top 10 countries in the use of cryptocurrencies in the world today.”
During the interview, Moghalu also explained that cryptocurrency trading is becoming a real factor in the country’s investment ecosystem, as well as a livelihood for many Nigerians.
that is true cuz this will even hinder economy growth even more……
I hope this won’t back fire with the banning of this crypto currency,at least it serves as means of income to the people.
If they are to ban trading of this currency, some are able to cater for their family without the assist of government. The government should provide alternative instead.