Former Deputy-Governor of the Central Bank of Nigeria, Kingsley Moghalu has revealed that $500 million worth of Bitcoin has been traded in Nigeria within the last five years.
Moghalu disclosed these figures while reacting to the recent CBN policy which directed all banks to close accounts that transact in cryptocurrency.
He made this known during an interview on Channels Television’s Sunday Politics.
The former Presidential candidate slammed the move of the apex bank.
He expressed that regardless of the risks involved in trading in cryptocurrencies, he would not recommend that it be banned outrightly.
“A lot of the activities in the world are going digital and I would not recommend banning it (cryptocurrencies) outright.
“$500 million worth of Bitcoin has been traded in Nigeria within the last five years and Nigeria is one of the top 10 countries in the use of cryptocurrencies in the world today.”
During the interview, Moghalu also explained that cryptocurrency trading is becoming a real factor in the country’s investment ecosystem, as well as a livelihood for many Nigerians.
Hence, Moghalu called on the Nigerian government to stop taking actions perceived to be against Nigerians.
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