A Professor of Banking and Finance, James Chinedu Ihemeje, has stated that the Central Bank of Nigeria (CBN) is fearful of cryptocurrency adoption due to potential implications on the roles and relevance of its officials.
Speaking during the 61st Inaugural Lecture at Michael Okpara University of Agriculture, Umudike, Abia State, on Wednesday, Prof. Ihemeje urged the Federal Government to embrace cryptocurrency for official transactions while developing a strong regulatory framework to guide its usage.He noted that widespread understanding and adoption of cryptocurrency in Nigeria could lead to a downsizing of responsibilities or even job losses at the apex bank.
Despite this, he maintained that there was no need for fear, as cryptocurrency and fiat (paper) currency can coexist, as practiced in countries like the United States and other advanced economies.
“The CBN and the Securities 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. It is controlled by blockchain computers. The CBN is afraid because they may lose part of their jobs. But the Federal Government should adopt it,” he said.
Ihemeje stressed that cryptocurrency should not be confused with Ponzi schemes, which often mislead the public. He advised Nigerians to be vigilant and avoid online scams but insisted that crypto, when properly regulated, could help stabilize the Nigerian economy.
In his remarks, the Vice Chancellor of the university, Professor Maduebibisi Ofo Iwe, echoed the need for innovative policies to support the naira and strengthen Nigeria’s economic foundation.
