Nigerian Crypto Exchange Founder Thinks Bitcoin Facilitates Global Trade


Nigerian crypto exchange founder thinks Bitcoin facilitates global trade. Despite the order of February 5, 2021 from the Central Bank of Nigeria (CBN) ordering banks to ban crypto companies in the financial system, the demand and use of cryptocurrencies continues. Even the central bank following the ban on crypto companies accused of violating the directive did not stop the demand for cryptocurrencies.

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In contrast, Nigerians seem to have rejected the CBN’s digital currency – the e-naira. Despite the central bank’s efforts to introduce e-naira as an alternative to cryptocurrencies, residents of the country still prefer the latter. According to Benjamin Eseoghene, the founder and CEO of the local crypto exchange, the reluctance of the population to use the e-naira could be linked to the CBN’s inability to educate the public about it properly.

On the other hand, Nigerians prefer cryptocurrencies as they have no limits, Eseoghene said. Meanwhile, the ongoing shortage of foreign currency in Nigeria, as well as the dwindling of the local currency, are other factors driving the Nigerian population towards cryptocurrencies. Nigeria’s population of over 200 million means that the country is one of the largest crypto markets in the world, attracting the world’s crypto giants. However, the presence of these big companies did not deter local entrepreneurs like Eseoghene. He also shared his views on e-naira and the CBN policy.

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