The Federal Government has been urged to embrace cryptocurrency for official transactions and encourage its wider use among Nigerians under a clear and effective regulatory framework.
This call was made by Professor James Chinedu Ihemeje, a Professor of Banking and Finance, during the 61st Inaugural Lecture of Michael Okpara University of Agriculture, Umudike, Abia State, on Wednesday.
Professor Ihemeje emphasized that the Central Bank of Nigeria (CBN) remains hesitant to adopt cryptocurrency due to the potential implications it may have on its operations and staff roles.
He argued, however, that this fear is unfounded, as cryptocurrencies can coexist with traditional fiat currencies, as seen in the United States and other advanced economies.
“The CBN and the Securities and Exchange Commission (SEC) should focus on developing a regulatory framework for cryptocurrency and let it flow. No country or Central Bank controls it — it’s blockchain-based,” Ihemeje stated.
He acknowledged concerns about job redundancy within regulatory bodies but insisted that embracing digital currencies could help stabilize the Nigerian economy rather than threaten it.
Professor Ihemeje also clarified that cryptocurrency should not be confused with Ponzi schemes, urging Nigerians to be cautious and informed to avoid falling prey to online scams.
In his remarks at the event, the university’s Vice Chancellor, Professor Maduebibisi Ofo Iwe, expressed strong support for policies aimed at stabilizing the naira and strengthening Nigeria’s economic framework, saying innovative approaches like this deserve deeper exploration.
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