Bitcoin Forum

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has revealed that Nigeria will launch a digital currency. With this, Nigeria tracks other nations which plan or have launched digital currencies. China is expected to roll out the e-yuan, its digital currency, at scale, later in the year. The United States has also started work on e-dollars.

The apex bank boss revealed this plan during the 279th MPR meeting held today in Abuja- “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria” – Nairametrics reports.

He said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.”

Under cryptocurrency and Bitcoin, Nigeria comes 2nd while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.

What's the way forward for Nigerians? Is this good news for them after the ban of trading crypto with banks
Information link: https://www.premiumtimesng.com/news/top-news/463912-nigeria-will-soon-create-digital-currency-cbn.html

Not necessarily. If you want banks or FIs to jump on the bandwagon, there's got to be some regulators involved. Or else how are the governments gonna track those involved in money laundering or theft?

Nigeria just want to be in the game of countries moving towards having CBDC. The digital fiat has been a way to deprive people from having privacy but it will still be better than CBDC when it comes to privacy, people that will use CBDCs will not have privacy at all as governments are looking for more ways to know all the personal information of their citizens. The best cryptocurrencies  to go for are decentralized ones, not centralized ones. There are deflationary ones like Bitcoin that its price over a long time period will increase and reach all-time-high after several price increase and decrease. There are also fiat-pegged ones like Dai. Then why the need for CBDCs?

Nigeria CBDC will be pegged with Nigerian naira, which has been an inflationary currency that has been depreciating right from the onset. When the colonial master left the country in 1960 after independent, Pounds was equivalent to Naira, and Naira was higher in price than US dollar, but 1 US dollar today is equals to 410 naira. See how the country's naira has really depreciated, so should I use the CBDC that will make me not have privacy and yet depreciating?

Bitcoin Price Down: China ban, Nigeria ban, Iran ban ,....etc
Bitcoin Price Up: Nigeria To Launch Digital Currency  :P

I do not know if this news is real and I do not care about it, but it does not mean anything and has no value. African countries will not initiate the creation of a digital currency unless many countries warn them and digital currencies are not related to Bitcoin or cryptos.

Stop making this FUD

After people are excited with news like this, other news will be announced. Your post recalls me with news about SEC in 2017, 2018 and 2019. Good and bad news were published on media in different market. Bull market, ok it has good news about SEC. Bear market, it has bad news about SEC. Same for ETF news.

The trend of cryptocurrency is irreversible and governments have to join by creating their CBDCs. I am neutral with CBDC news.

CBN thought they could deny Nigerians access to bitcoin by banning  banks from all crypto activities....😉😉  But that one didn't work.. (as if that was when the purchase even doubled)...😘😘😘
And now again, they have come to say they are thinking of creating a digital naira...🤣😂😂🤣🤣..hmmm:.. I just laugh...

Instead of the CBN to look for a way to increase the value of our Naira that is depreciating everyday, here they are talking about digital naira..🤣🤣.. I just laugh...


So please...🙏🙏🙏 I will want my seniors in this forum (Legendary and Hero members) to please help me go tell Nigerian government to stop wasting there time, because Nigerian digital naira can never be like bitcoin..(not now, nor ever, even in the dream)....
Thanks..... I rest my case👍🤗🤗

Only a naive government will have the though of controlling or deny people the use of Bitcoin when they have no control over it. I don't believe in this news until I see the CBN working towards it but they seems to be following the footsteps of the Chinese government which is sad cause the government don't do something for the people but something that will be profitable to them.

How would they increase the value of Naira when they are advised not to print new fiat this year but they don't listen to people advise. I don't why all governments are so naive/sturbborn about don't print more fiat currency.

The Bitcoin policy of the Nigerian government also changes frequently, and Bitcoin is decentralized. Even if a country supports Bitcoin, the government's purpose is only to control Bitcoin to obtain tax returns.

Another country releasing their own centralized, digital shit coin. They really are trying aren’t they :D
Pointless waste of time, people want to control their own money & own destiny. They will fail & bitcoin will win.

Which investigation did they carry out? is there any data to support that? the same publication everyone has already seen online showing that Nigerians are very well engaged in cryptocurrency trading is the same thing they know, bunch of Idiots.

What proof did they have for his claim of his statement that "most are illegitimate"? These people believe that is the only reason they can use to attack the trade of cryptocurrencies by Nigerians. Billions of Dollars have been lotted by past administrations, was any of them by cryptocurrency? and more Billions are still been looted today by the same government that doesn't accept crypto so it couldn't have been done by crypto.

Whether they like, let them create whatever they want, digital whatever, it will still be the same as the Fiat Naira, and as long as people can still trade their cryptocurrencies one way or the other, crypto will still be the Game.

There is no difference between holding a digital version of currency with fiat, because the regulations that bind it will be inherited on to the new version. Digitizing fiat will further reduce the rights and privacy of the holder because it can be controlled by the center. Anything can be done with a centralized financial system moreover the government has full authority to freeze transfer, block addresses, change smart contracts, etc.


Like the standard crime prevention practices of exchanges, wallets or casino services, they will usually close the account temporarily due to investigations.

But probably these governments are going to imposed their centralised digital coin to their population. Hence, you don't have a choice, otherwise you can't transact specially if you are going to need some government id, i.e passports, tax number etc.

As for crypto enthusiast, for sure there will be Nigerians who are still going to invest and play with bitcoin. But in order to play along with the government, at some point, they have to embrace this CBCD.

The numbers are with us here, I mean we haven't seen any successful crypto that is back up by government. I remember Russia's crypto rubble, and so far we haven't heard anything from it since its inception. And then we have the digital Yuan, well if this becomes successful then maybe we will see waves of government around the world experimenting with CBCD. So fingers crossed, bitcoin and the whole crypto market will here to stay despite this CBCD floating around.

yes, this sound great,

i want to know if there will be no control over digital currency, but looking too well is that they can only have control over the Nigerian own launch currency, meaning the government won't have control over other currencies

Well. Good luck to the Nigerian government on this initiative, but one thing I will like to let them know or have at the back of their minds is that crypto currencies are decentralized and cant be controlled by any individual or government, if any government is ever going to launch a crypto currency, they should remember to keep this one rule, because any deviation from this means what they created is not a true crypto currency but another centralized system they will use to tie peoples money down and control them just like it is with banks, decentralization is here to stay and any government that is not ready to accept this is not ready to move forward and will definitely be left behind.

Trust me when I say that whatever the Nigerian Government is trying to do with this so-called Digital Currency has nothing to do with Cryptocurrency but maybe they might think it can compete with crypto  ;D and their overall wish is to find a way to continually control the financial means of the people which is not going to work because the Nigerian people are already too smart for that now.
What is the Government going to do? are they going to totally remove the existing fiat money for the digital one or they will be used side by side? The digital currency is going to fail because all Nigerians that are already in the crypto space will never touch and they are the ones that crested the crypto buzz in Nigeria that made the government want to do this. 

To me, this is just news with mediocre value. A commitment is necessary if Nigeria really wants to implement the use of cryptocurrencies. Moreover, to my knowledge, based on the information I got, Nigeria has also banned the use of crypto. If this is true, I think it is progress that we must respect.

There've been multiple countries investigating launching their own coins, and some (like Venezuela) even did it. I wonder if Nigeria goes through with this intention and whether it becomes a failure like with Petro... What's also interesting is how this affects the market and regulations in Nigeria. I have a feeling that the plan is to create a state-backed cryptocurrency, so that people who are into cryptos can satisfy their interest, but to restrict the usage of decentralized coins like Bitcoin or Ethereum. I hope this won't happen, but Nigeria has been somewhat hostile to Bitcoin lately, so maybe that's their plan now.

The currency is issued by the central bank of Nigeria and it is centralized. so it's not a crypto. this is the same as the china project, where he started planning to create his own digital currency. and this will have no impact on the crypto market. i would prefer if nigeria legalized bitcoin like el salvador. rather than creating a new digital currency which is centralized.

Good news to compensate for the number of countries that have banned bitcoin, if this plan is on target then we can be sure the price of bitcoin will skyrocket again, with a population of around 200 million of course it will make the price of bitcoin easy to reach $100k.

Crypto is certainly different, crypto users are global and with the current bitcoin marketcap it is certainly difficult to manipulate prices, this is actually a good opportunity for Nigerians so they can make the country's economy improve

Another Shitcoin launched by a country. Cryptocurrency that was originally launched with a decentralized system and free from government intervention. And now this government is getting into the game and hoping their coin will become another bitcoin? keep dreaming

Digital Nigerian dollar or anything is nothing different frm their current Nigerian dollar then why they need to create a new cryptocurrency?

They don't want their people to attain financial freedom and never let them to grow because if people gather knowledge then corrupted people can't become leader again and again.

The shit digital coin launched by the Nigerian central bank is dead on arrival the major stake holders and cryptoshpere enthusiasts involved in cryptocurrencies had already adopted the decentralized cryptos they majorly trade Bitcoin and had experienced all the benefits that can be derived from it I don't think those people will have any dealings with the newly introduced digital currency infact the unfavorable attacks on cryptocurrencies in form of banning and clampdowns of cryptocurrencies related businesses by the CBN will encourage Nigerian cryptos enthusiasts to shun the newly launched digital currency.

Except the naïve people who has no clue about crypto and how it is suppose to function that will take part in this game of the nigerian government, is this the reason why they put a ban to bank direct involve in crypto because they want an opportunity to create their centralize crypto and sell it to the people or force it on them, how clever they must think they are, i know many Nigerians who are unaware of the whole crypro space will jump in just because it is coming from the government but they wont know some of the hidden strings attached, what a funny government.

its good step for Nigerian , cryptocurrency will growth more in this country.  As biggest crypto community in Africa , Nigerian always shows another developtment and they have good contribution in several project. By this policy , more developers wil attracted to join into crypto market.

but i think, for those that don't know anything about crypto, it will be a good start to be introduced in digital currency. and once they learn more about the existence of digital currencies, they will learn the difference and benefits of dealing with btc, and other alts over their govt digital currency. and with that, i think they can now easily convert themselves to be crypto users. and the govt cant control them when they start dealing with crypto because they cant.

The accuracy of the number of Bitcoin users is a must considering that it can be used as a benchmark in making decisions, if the goal is to get taxes from bitcoin income or other assets.

Bitcoin is never taxed the nigerian government supports bitcoin but cannot control it because bitcoin is decentralized. Nigeria is going to launch digital currency after salvador the country's central bank says it has decided to launch a digital currency system later this year to bring in foreign revenues and smooth the international purchasing system nigeria banned banks and financial institutions from conducting cryptocurrency transactions. The directive comes in the wake of an unusual increase in monthly cryptocurrency transactions with africa abroad.

I agree with your opinion. Digital currency can be divided into two types, one is sovereign digital currency, and the other is sovereign digital currency, but as long as it is digital currency, it cannot escape the supervision of sovereign government, because at present, the country cannot disappear because of the emergence of Bitcoin. . In addition to currency, a sovereign country has other important components. It is possible that both illegal transactions and criminal activities may use Bitcoin to conduct transactions. As a sovereign government, it will certainly not turn a blind eye.

Agree with you. sometimes news like that is also just a game, not necessarily true and can be implemented because a country usually has many things to consider. like china which sometimes supports Cryptocurrencies and sometimes prohibits it like now, and apparently they plan to make their own digital currency, but we don't know if it uses Blockchain or not.

In a way you are right @AmoreJaz, this is more like an avenue for exposure for the millions of Nigerian citizens who have no clue what crypto is all about and especially those who are of the believe that anything crypto is associated with scam, I think with the introduction of the government own crypto it will give them a sense of security to be part of it, understand it and then make their own decision moving forward, what is most important right now is to create the awareness and make people understand.

I think, if Negeria allowed the use of Cryptocurrencies again, for me, it would be a good decision. Because, economically, Cryptocurrencies will make transactions easier for Nigeria.

This is very interesting seeing countries that where once against the existence of cryptocurrency are now adopting it maybe because of it future value and market revenue that would be of a good source of monetary regulation and control by linking it to one's  bank. This would be a very good innovation for Nigerians and it's economy and as time goes on, many countries also would start seeing reasons of adopting it existance into government policies and establishment.

I think Nigerian government had once banned  the use of cryptocurrency and it's activities tracking people and firms that are into crypto transactions, enforcing sanctions and harsh policies on them by freezing their accounts limiting their access to their own funds. Now it's a good news to see this country now coming up with good prospect of acceptance of cryptocurrency in general for business transactions and means of payment system.

The Government is very smart and always looking for ways to balance economy activities whenever they discovered a decline in the patronage in their own market and Fiat currency especially when their is a huge dump in the use of their own currency when it loses value.

I am not really sure if those kind of digital currencies are good or bad for traditional and "real" cryptocurrencies because in the end those e-yuan, e-dollars and those currency in nigeria are just digital versions with the same value of the normal FIAT currencies. So i don't see much difference between those "new" digital currencies and normal FIAT currencies that you spend with credit card or via bank transfer.
If every country now start to introduce completely digital versions of their normal currencies i think that can be bad for cryptocurrencies because they may not be needed and wanted anymore by average citizens. Of course those digital currencies are just as centralized as their traditional pendants so if you want real centralization you have to use real cryptos.

finally after a long time we continue to hear bad news from the crypto world, now the world is giving good news, this time coming from negeria countries, although not too big, I believe this is the beginning of the rise of crypto