Nigeria central bank governor defends digital currency ban Business
The Central Bank of Nigeria believes the recent ban on digital currencies was in the best interest of the public. Speaking during a recent Senate hearing, the CBN governor Godwin Emefiele further claimed that digital currencies are not legitimate money.
CBN issued a circular two weeks ago that prohibited all banks from processing digital currency-related transactions. In its circular, it ordered banks to identify individuals and firms dealing in digital currencies and shut down their accounts. Days later, the Senate called on the CBN governor to brief it on the decision. As CoinGeek reported, several senators felt the ban was too harsh and hoped the CBN would reconsider.