Nigerians label digital currency a scam, means of embezzlement

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.

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 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 anyone that tries 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.

"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."