- Godwin Emefiele warns Nigerians again about cryptocurrency, says it wasn't made to profit everyone
- He said cryptocurrency is mostly used for illegal transactions by persons involved in it
- The CBN Governor said if Tesla founder, Elon Musk show scepticism, then Nigerians must be careful
The Governor of the Central Bank of Nigeria, Godwin Emefiele, said the decline in the cryptocurrency market wasn't shocking to him. He warned Nigerians to take a clue from billionaire, Elon Musk.
Emefiele said Nigerians should embrace the scepticism showed by the Tesla founder, who said his company wouldn't accept bitcoin again. The head of the apex Bank said on Thursday.
He also reiterated that majority of the cryptocurrency transactions are illegitimate. Emefiele had in February stated that trading cryptocurrency is not legal, as the only legal tender is naira.
He ordered commercial banks and other financial institutions not to conduct business with any cryptocurrency exchanges or firm. This affected crypto exchange firms operating in Nigeria.
This made many Nigerians interested in cryptocurrency to depend on peer-to-peer to continue purchasing and selling the digital assets. In his remark on Thursday, he said most of the transactions are illegal.
Emefiele also stated that the cryptocurrency investment won't profit everyone, as that's not how it has been set up:
"Do you think that they would allow you to grow your cryptocurrency business to the second position if what is inside is the big deal that is going to profit everyone? It is not that simple.”
Meanwhile, Legit.ng had previously reported that a court in Egypt gave the country's government right to hold on to the Ever Given ship which disrupted sea trading in Egypt.
The ship had broke down in the Suez Canal, which contributea a large portion of world trade. The breakdown affected about 400 other ships, all of which got stocked.
Egypt government said it lost between $12 million and $15 million every day for the six days period Ever Given broke down.