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You will be aware of the recent directive by the central bank of Nigeria that dealing in cryptocurrencies or facilitating payments for crytocurrency exchanges is prohibited. This followed earlier communication by the regulators expressing concerns about virtual currencies. The central bank of Nigeria (CBN) has directed that all banks, non bank financial institutions and other financial institutions should identify persons and/ or entities transacting or in operating cryptocurrency exchanges within their systems and ensure such account are closed immediately. Here Are The Reasons Behind Their Actions 1. The CBN Act recognises the Naira as the only legal tender in the Nigerian financial system. 2. It will also undermine monetary policy which is anchored on Naira money supply and demand. 3. CBN is also concerned that bitcoin valuation is excessively speculative, akin to betting, and it will not make sense to run a currency system based gambling. Why people will come charging on Emiefele o
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