The Chartered Institute of Bankers of Nigeria disclosed an increase in the use of bitcoin among other payment gateways in nigeria. This it disclosed in its release on ‘The Nigerian Banker’, in its December 2019 edition.
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Part of the report on digital currencies read, “The CBN has also declared that digital currencies are not legal tender with naira as the sole legal tender”.
Despite the fact that CBN has warned on the volatility involved in the use of digital currency in 2018. The use of this payment gateway in Nigeria has increased tremendously.
“It was stated that in 2018, 41 per cent of new users in bitcoins, a cryptocurrency, hailed from Nigeria, Ghana and South Africa.”
In the CIBN’s release, a report on, “Legal issues in ecommerce, by Senior Partner, Punuka Athorneys & Solicitors, Chief Anthony Idigbe, he made some recommendations on cryptocurrency.”
He said, “The CBN has to consider ways of applying its regulations to the new consumer behaviours of blockchain and cryptocurrency as there are new infrastructure or payment gateways that allow online/offline merchants to receive other modes of payments from the regular fiat currency such as cryptocurrency.
He further suggets that, “To improve recognition of credible ecommerce, the CBN can require payment gateways in nigeria and merchant aggregators linked to an ecommerce site, to issue its merchants with a visible certification badge.”
Moreover, in 2019 CBN had said that they are aware of the underlying growth and use of Bitcoin, cryptocurrency and blockchain technology. Saying that its a disruptor to the financial sector.