$500m Worth Of Bitcoin Traded In Nigeria In Last Five Years – Moghalu

• The Central Bank of Nigeria on Friday, ordered all banks to close accounts of anyone who transacts in cryptocurrency
• According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited

Former presidential candidate, Kingsley Moghalu, has said that $500 million worth of Bitcoin has been traded in Nigeria within the last five years.

Moghalu who was once the Head of Directorate of the Central Bank of Nigeria (CBN), (a unit which he says is in charge of the financial systems), disclosed these figures while reacting to the recent CBN policy which directed all banks to close accounts that transact in cryptocurrency.

Read also: CBN Bans Bitcoin Trade In Nigeria, Orders Banks To Shut Cryto Accounts

He faulted the move of the apex bank, saying 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,” Moghalu said in an interview on Channels Television’s Sunday Politics.

“$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”.

He further explained that it is becoming a real factor in the country’s investment ecosystem, as well as a livelihood for many Nigerians.

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