New Survey Shows Nigerians Don't Want CBN's Digital Currency

New Survey Shows Nigerians Don't Want CBN's Digital Currency

  • A survey carried out on the digital currency that the Central Bank of Nigeria plans to release at the end of the month has shown that many Nigerians won't invest in it
  • Nigerians believe that investing in the government-controlled digital currency is dangerous, as it could be a means for embezzlement
  • It was gathered that many Nigerians would rather invest in a cryptocurrency backed by dollar value, and which gives freedom than the electronic coin pegged on the naira

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The Central Bank of Nigeria might be launching its digital currency in a country that doesn't want it, as Nigerians don't trust the Federal Government's motive.

Legit.ng sampled the opinion of Nigerians regarding the government-backed digital coin, which is slated for the end of this year, months after it restricted cryptocurrency trading within the country.

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Nigerians can't openly trade crypto as the financial regulator has ordered commercial banks and other financial institutions to close accounts linked to digital currency.

Also, access to cryptocurrency exchanges has been blocked, as Nigerians can't directly buy or sell the electronic currency. At the end of the year, they will only be able to trade government-controlled digital asset.

Some Nigerians are worried that the CBN-backed digital currency will be pegged on the weak naira, but they prefer cryptocurrency which has a value of the dollar.

What are Nigerians saying?

Nweke David said the initiative by the CBN is a scam, and anyone that invests in Nigerian digital currency will be doing it at a risk:

"Yahoo yahoo government any one that try it is on his own risk we invest with sincere blockchain."

Dental Therapist, Arua Oko, said the digital currency is dead on arrival, describing the initiative as a criminal idea.

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"Null and Void. Unacceptable and rejected even before the birth of the big head that came up with the criminal idea."

Wisdom Awujua, who schooled at Ambrose Alli University, told Legit.ng that the CBN initiative is just another way to embezzle funds, as money laundering seems not to be working again.

"I think they are looking for more ways to embezzle more funds, I guess taking it to other countries isn't helping them anymore."
President Buhari and CBN Governor Godwin plan to introduce digital currency to Nigerians
President Muhammadu Buhari and Godwin Emefiele. Photo: Phill Magakoe/AFP (L) and AFP PHOTO/STRINGER (R)
Source: Getty Images

Prince Mighty, a worker at an electricity company, said there's a difference between dollar and naira, so he wouldn't be investing in the government-backed digital coin:

"Which means I can't invest in Nigeria crypto. Think of it. How come someone who ban crypto currency want to create is own crypto currency?? Think of it."

A student of the National Open University of Nigeria, Rent Darep, is bothered about which currency the government will favour more, the hard or digital:

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"CBN will then regulate two different currencies. Which will it favour more? The naira against the crypto? Or the crypto against the naira? Whichever way, it will work for or against it's crypto or naira faithfuls."

Chemical Engineering graduate, Kelechi Alex, said naira and cryptocurrency are not a good combination:

"A crypto asset has nothing to do with the naira. They're all tied to the dollar. It will be traded using the dollar as its base for conversion so it can have value."

Although Political Scientist, Afolabi Nath, believes that Nigeria producing its own digital coin is important now, he stated that it could help the naira out of its quagmires.

Meanwhile, Legit.ng had previously reported that cryptocurrency investors are divided over the impact of the financial regulator's digital currency.

One investor told Legit.ng that the initiative will help with the country's interest rates and reduce the cost of printing the country's official currency, naira.

Another said the digital currency will take away the freedom that people have with cryptocurrency, as the government will be in control and be able to track their usage.

Source: Legit

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