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Business News of Thursday, 1 June 2023


Why we kicked out cryptocurrency- CBN

CBN Governor Godwin Emefiele CBN Governor Godwin Emefiele

The Central Bank of Nigeria (CBN) has explained how the interference of the private sector and the opacity of cryptocurrency forced it to put an end to the growth of cryptocurrency in the nation.

Deputy Governor Economic Policy of the CBN Dr. Kinsley Obiora stated this in Abuja at the Business Session of the Fiscal Liquidity Assessment Committee (FLAC) retreat, organised by the CBN.

Obiora said members of the private sector, fearing that the CBN’s decision to print more money will lead to hyperinflation decided to create cryptocurrency as a response.

Over time the creators of cryptocurrency, he added, felt that central banks should not be left with the authority to do whatever they like with money.

Fearing that such a mindset might cause inflation and reduce the purchasing power of households, the CBN Obiora said responded to what he called “the good aspect of that change because a lot of people actually took to cryptocurrencies”.