The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has declared that cryptocurrency transactions are illegal and the apex bank does not approve of them.
The CBN Governor disclosed this a few months after the apex bank directed all commercial banks in the country to shut down accounts which are linked to cryptocurrency exchange.
He stated further that the transactions are encrypted and are therefore shady and illegal. Emefiele also stated that Nigeria’s banking system does not have the capability to deal with cryptocurrency transactions.
Mr Emefiele pointed out that the CBN’s position has nothing to do with the ENDSARS protest which occurred in October, 2020.
