{"id":170037,"date":"2025-07-17T18:33:37","date_gmt":"2025-07-17T17:33:37","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don"},"modified":"2025-07-17T19:43:48","modified_gmt":"2025-07-17T18:43:48","slug":"why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don","title":{"rendered":"Why CBN is afraid of Cryptocurrency in Nigeria \u2013 Don"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The Federal government has been advised to adopt the use of Cryptocurrency in official transactions and to encourage its use among Nigerians, with an effective regulatory framework.<\/p>\n<p>This advice was given by a Professor of Banking and Finance, Professor James Chinedu Ihemeje on Wednesday while delivering the 61st inaugural lecture of Michael Okpara University of Agriculture Umudike, Abia State.<\/p>\n<p>He said that the Central Bank of Nigeria, CBN, was afraid of the Crypto currency system of transactions because of the implications it may pose to its officials.<\/p>\n<p>According to Professor Ihemeje, entrenched knowledge and usage of Crypto currency in the country can result in job loss at CBN or reduction in their functions.<\/p>\n<p>He, however, said that there was no need for the fear as Crypto money can still exist side-by-side with paper money as done in the United States of America and other developed economies, which he said, can stabilize the Nigerian economy.<\/p>\n<p>\u201cThe CBN, the Security and Exchange Commission should just go into the regulatory framework of Cryptocurrency and allow it to flow. No country, no government and no Central Bank controls it.<\/p>\n<p>\u201cIt is controlled by blockchain computers. The CBN is afraid because they may lose part of their jobs. But the Federal government should adopt it.<\/p>\n<p>\u201cThey should go into an effective regulatory framework so that if anybody abuses the system, the law will catch the person,\u201d he stated.<\/p>\n<p>Ihemeje said that Crypto currency is not the same thing with Ponzi schemes as may be misconstrued by some critics, noting that Nigerians should be vigilant not to fall into scammers online.<\/p>\n<p>In his speech, the Vice Chancellor of Michael Okpara University, Professor Muduebibisi Ofor Iwe said he is interested in policies that will stabilize the Naira currency and the economy at large.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Federal government has been advised to adopt the use of Cryptocurrency in official transactions and to encourage its use among Nigerians, with an effective regulatory framework. This advice was given by a Professor of Banking and Finance, Professor James Chinedu Ihemeje on Wednesday while delivering the 61st inaugural lecture of Michael [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":170035,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29,28,2660],"tags":[503,2914,254],"class_list":["post-170037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-to-homepage","tag-cbn","tag-cryptocurrency","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why CBN is afraid of Cryptocurrency in Nigeria \u2013 Don - Nigeria<\/title>\n<meta name=\"description\" content=\"The Federal government has been advised to adopt the use of Cryptocurrency in official transactions and to encourage its ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why CBN is afraid of Cryptocurrency in Nigeria \u2013 Don\" \/>\n<meta property=\"og:description\" content=\"The Federal government has been advised to adopt the use of Cryptocurrency in official transactions and to encourage its ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-17T17:33:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-17T18:43:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/07\/sm_1752765328.701627.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"755\" \/>\n\t<meta property=\"og:image:height\" content=\"406\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Why CBN is afraid of Cryptocurrency in Nigeria \u2013 Don\",\"datePublished\":\"2025-07-17T17:33:37+00:00\",\"dateModified\":\"2025-07-17T18:43:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don\"},\"wordCount\":317,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/07\/sm_1752765328.701627.jpg\",\"keywords\":[\"CBN\",\"Cryptocurrency\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"homepage-english\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/why-cbn-is-afraid-of-cryptocurrency-in-nigeria-don\",\"name\":\"Why CBN is afraid of Cryptocurrency in Nigeria \u2013 Don - 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