Stella Dimoko CBN Gov Emefiele Rejects Bitcoin Says ‘We Can’t Risk People’s Savings’


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Friday, January 26, 2018

CBN Gov Emefiele Rejects Bitcoin Says ‘We Can’t Risk People’s Savings’

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says investing in virtual currencies such as bitcoin is a “risk that cannot be supported” by the apex bank.

Speaking in an interview in Abuja, Emefiele highlighted the “dangers” in bitcoin trading, saying he had commissioned the bank to carry out research into the market to understand underlying issues.

“Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful,” he said.
“We cannot as a central bank give support to situations where people risk savings to gamble.

“I have asked my colleagues in the research and monetary-policy department to study the market and get to know what the issues are.
“The central bank may in future make some very concrete pronouncements as to the direction.
Earlier in January, the central bank had released a statement advising Nigerians to desist from the use of such currencies.
 (The Cable )


  1. A word is enough for the wise. Reminds me of mmm period.

  2. My friend on my facebook is really disturbing on that.

    Thank God that i dont have big eyes to be doing all these nonsense.

    I pray people dont cry like they cried on MMM.

    Fan how far? You go do?

    1. Bitcoin has fallen na from $420 to $29 nobody can sell now only buy and wait for it to rise

  3. It's still like ponzi, u need to sign up people too, else why d disturbance? They almost convinced me, I said no, anything that involves convincing, count me out...I've not seen anyone use bitcoin to buy icecream.

  4. Bitcoin is not a ponzi scheme. It is a crypto currency. Just because ponzi schemes use bitcoin does not make bitcoin itself to be ponzi. And like all crypto currencies, bitcoin does not go through banks, so banks have no control over it. It is bought and sold like every other foreign currency. Even forex brokers have included the trading of crypto currencies on their platforms.

    1. Madam have you heard the latest news of crypto? It fell down like Goliath those that bought $300 to $420 are crying prices are down to %29

  5. Nigeria! Forever the last at following innovation. Because China clamped down on bitcoin trading and ICOs, these CBN guys think it is gamble; i mean, china should know what they are doing right? Ever the followers. You would wonder what research they really carried out. Calling bitcoin a gamble is like saying the stock market is a gamble as well. This is digital currency. It is the future and blockchain technology is just getting started. Soon, cryptocurrency trading would be bigger than conventional stock market trading anywhere in the world. The blockchain innovation powering bitcoin and others is here to stay. It is like the internet in the early nineties, a passing fad people said. But look where we are now. It is even an insult comparing it with MMM, i mean, can't you read. What has a ponzi scheme got to do with digital cash. And @blackberry, there are no ponzi sign-ups but the regular sign ups you would have to have done if you were opening a bank account. It is called a digital wallet. It shouldn't be hard to understand why you need to have one. And yes, bitcoin can be used to buy ice cream. Even as far back as 2010, when it was relatively unknown, such transactions were already happening. Right now, just about anything can be bought with it. Google is your friend. Search and educate yourself.

    1. for this selfless explanation eh I wouldn't mind send a token to your wallet.

      Nigerians need to wake up!

      enough said

    2. All lies as soon as China shut Down their market price have been dangling from $29 to $31 wait for another two years for it to get to $420 bf you can trade yours.don't deceive anyone .

    3. Thanks for the enlightening those with open mind. I wonder what CBN has been researching? Top companies have embrace blockchain technology. We are here comparing block chain technology and crypto currency to MMM. Wrong and weird comparison.
      BV's try and google search and don't be left behind like CBN.
      @Isaac, shey make i send my eth wallet? I need tokens gidi gan oo

  6. Bit coin isn't ponzi ,biko na!
    My brother who's based in Australia knows stuffs about it well & has invested in it,its really good.

  7. Crypto currency for what abegi! Gold is the way to invest all these iou type schemes dry fear me abeg!


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