Should we have faith in the proposed cryptocurrency by the CBN?


Valued Contributor
Sometime around February 2021, the CBN placed a ban on crypto currencies in Nigeria, it was very tough for traders as many traders never saw it coming. Somany funds are trapped in somany wallet and it was very difficult for traders to make withdrawals or to make payments. Infant somany traders felt like that was the end of the road initially as Nigeria youth are heavily dependent on trading crypto currencies.

The good news was that some exchanger had the p2p feature this actually restored hope to traders in Nigeria and kept the crypto space alive again.

But out of the blue the CBN is now proposing to launch it crypto currency very soon. This actually brought about alot of questions in the minds of traders. But first I will like to know if we can depend on their crypto currency.

What's your view?


VIP Contributor
Even if the federal government of Nigeria launched their said cryptocurrency coin, I won't involve in it because I am very sure it will be centralized and be controlled by the cabals. This will go against the doctrine of crypto. And there is no probability that the coin will be a continuous process, because there is tendency that another incoming government may not continue with the project.


VIP Contributor
Please do not take anything that is said by the Nigerian government serious because they did not know what they want,they are trying to invent a cryptocurrency but they have bann direct deposit and withdrawal of money from crypto exchanges,how are we going to deposit money to invest in the cryptocurrency they are launching.


Verified member
Rakiya Mohammed, who is an IT specialist at the Central bank of Nigeria is the one who disclosed that since last years the bank is exploring the concept of a central bank digital currency (CBDC), and a special announcement shall come soon, maybe before the end of the year. Mr.Mohammed also said that one of the reason to launch CBDC would be to make the transfering of remittances into the country easier.