‘Bitcoin A Gamble’, Emefiele Warns Against Cryptocurrency

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has described the use of cryptocurrency as a “gamble”, saying it cannot be supported by the apex Bank.

Speaking in an interview in Abuja, Emefiele warned Nigerians against trading in the currency, adding that the CBN may publicly denounce the virtual currency soon.

“Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful,” he said.

“We cannot as a central bank give support to situations where people risk savings to gamble.

“I have asked my colleagues in the research and monetary-policy department to study the market and get to know what the issues are.

“The central bank may in future make some very concrete pronouncements as to the direction.”