The use of Bitcoin is rising in Nigeria despite the warnings given by the Nigerian Senate and the Central Bank of Nigeria (CBN) against it. According to a new report from the Chartered Institute of Bankers of Nigeria, the world’s most valuable cryptocurrency is penetrating Nigeria regardless of the risk involved.

The Chartered Institute of Bankers of Nigeria said 41% of new users in bitcoins were reportedly from Nigeria, Ghana and South Africa. The use of bitcoins has continued to grow worldwide irrespective of the dangers of insecurity of funds and scams.

Campaign against Bitcoin futile: In 2018, CBN, Securities and Exchange Commission (SEC), as well as the Nigerian Stock Exchange (NSE) were all directed by the Senate to enlighten Nigerians on the risks involved in trading with Bitcoins, but this report shows the enlightenment campaign has done little or nothing to dissuade Nigerians.

A pile of bitcoins

Bitcoin is described as a volatile currency because it is operated mostly without regulations in place, thereby, creating loopholes for users to be defrauded. So, it is no surprise that the CBN didn’t recognise it as a legal tender. The CBN identifies naira as the sole legal tender to trade.

I believe bitcoin as come to stay, and there’s nothing much the Nigerian government or CBN can do to prevent Nigerians from using it.

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