Godwin Emefiele’s Cryptocurrency Speech, 3 Points To Note

February 25, 2021

Citizen is a column that explains how the government’s policies fucks citizens and how we can unfuck ourselves.

You remember a few weeks ago when the Central Bank Of Nigeria issued a policy that bans commercial banks in Nigeria from engaging in any cryptocurrency-related transactions?  Well, I am pleased to inform you that, in spite of all of our shouting and outrage and dragging, CBN still has us on an aired dfkm level and it seems the ban is here to stay.

Why? On February 23, the CBN governor, Godwin Emefiele came out with a new statement on the cryptocurrency ban. This statement, which Nigerians online are outraged by per usual, was made during a Senate Committee on Banking and offered new reasons why the ban will remain and how the CBN perceives crypto-currency in general. Below, we provide three points from his speech, and all we can say is we are really in God’s hands at this point.

The Ban Is Not Getting Reversed.

We meant it when we first said that. If you were hoping that the CBN would have come to realize the importance of Cryptocurrency in a digital world, well keep hoping. It is obvious that the Central Bank is still adjusting to how instrumental Cryptocurrency is in making money more flexible and suited for a changing world and we are just going to wait until they get with the program. Do we know how long it will take them to get it? No idea, he didn’t say. 

The CBN Doesn’t Think Crypto-Currency Is Legit Money

And no, we are not kidding. TO put it in Emefiele’s words, “Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.” 

The Governor did not, however, explain in detail why the CBN considers Cryptocurrency illegitimate money. It would have been interesting to know seeing as there is documented evidence that cryptocurrency is in fact, a legit digital currency.

According To Emefiele, CryptoCurrencies Are A Tool For Dubious Transactions

Again in his words, “Cryptocurrency is used to describe the activities of traders in an electronic dark world where transactions are extremely opaque, not visible, and not transparent. These are people who deal in transactions that do not want to be trailed.” It’s the way that sounds very adamantly-ignorant-Nigerian-parent-esque for us. 

On the plus side though, the Governor made it clear that this move is to ensure the safety of Nigerian bank users and stakeholders and that it will continue to investigate cryptocurrency activities to better understand the processes involved. 

If this makes you angry, remember this is Nigeria. Whatever you see, take it like that.

Join The Conversation

Bring a friend.

You'll like this

September 25, 2020

Today’s subject on Abroad Life is a 19-year-old woman who is struggling with loneliness in London. She talks about moving to a new country without friends and family and how that has affected her outlook on life.  First things first, where are you?  I’m in London for school. I came here for my undergrad in […]

Watch

Now on Zikoko

Recommended Quizzes

April 9, 2020

At some point in life, we all learnt that someone can be very intelligent and still lack common sense. That’s the difference between being book smart and being street smart. If you’re not sure where on the spectrum you fall, well, that’s what this quiz is here to tell you. Take it:

October 29, 2019

We are going to be attempting to guess when you’ll marry based on your favourite Nigerian foods. What does your fave swallow have to do with when you’ll tie the knot? Please, don’t ask complicated questions. This quiz is rigorous and accurate (don’t quote us), so just take it already. QUIZ: Why Do You Have […]

December 3, 2019

Are you a professional Yoruba demon? Are you walking around in search of whose life you can wreck at any given time? Well, this quiz knows exactly how many hearts you’ve shattered to date, and before you lie that your result is inaccurate, just remember that Zikoko is never wrong. Now, take it and be […]

November 11, 2019

Today, we are going to be using your taste in music to determine how good you actually are in bed. All you need to do is create the ultimate Nigerian hit — from the lead artist to the producer — and we’ll tell you if all your partners leave satisfied, or if you are just […]

More from Citizen

February 3, 2023

This week’s Abroad Life subject is Nigerian diaspora Twitter influencer, Oluomo of Derby, who is the founder of NIUKCommunity, a diasporan community with over 9,500 members. He tells us about his ‘japa’ journey, his inspiration to build a Nigerian “home away from home” and how he’s enlightening his community on the 2023 elections.

Watch

Trending Videos

Zikoko Originals

September 13, 2022
Vs The World is a Zikoko original video series that follows best friends Astor and Hassan as they take on the world.
August 23, 2022
Zikoko Ships is a Zikoko Original series where we invite two people who share a relationship to play the Zikoko card games
December 14, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
November 2, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
October 26, 2020
A collection of videos documenting some of the events of the EndSARS protests.
June 22, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
June 22, 2020
Hacked is an interesting new series by Zikoko made up of fictional but hilarious chat conversations.
June 4, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
June 2, 2020
Quickie is a video series where everyone featured gets only one minute to rant, review or do absolutely anything.
May 14, 2020
Isolation Diary is a Zikoko series that showcases what isolation is like for one young Nigerian working from home due to the Coronavirus pandemic.

Z! Stacks

Here's a rabbit hole of stories to lose yourself in:

Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world.
X