CBN governor warns Nigerians about cryptocurrency, uses Elon Musk as example

- Godwin Emefiele warns Nigerians again about cryptocurrency, says it wasn't made to profit every one

- 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 the billionaire, Elon Musk.

Emefiele said Nigerians should embrace the scepticism shown 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 the majority of cryptocurrency transactions are illegitimate. Emefiele had in February stated that trading cryptocurrency is not legal, as the only legal tender is the naira.

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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 depend on peer-to-peer to continue purchasing and selling digital assets. In his remark on Thursday, he said most of the transactions are illegal.