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Deputy Governor of Nigerian Central Banks, Joseph Nnanna said that the virtual currency in the country needs proper “regulatory climate”. Experts see potential for bitcoin on the Nigerian market.

According to the Business Day newspaper, Joseph Nnanna explained the regulator’s new stance at a workshop organised by the major Nigerian banks.

“The development has made regulations around the world to grapple with how best to regulate such currencies for the protection of the customers and investors, to maintain the stability and satiety of the financial system, and deter the use of virtual currency systems in money laundering and terrorist financing,” Nnanna stated.

Deputy Governor of the national banks expects the workshop to “assist in laying a solid foundation for the much needed regulatory climate on the operations of virtual currency in Nigeria”.

Theoretically, Nigeria may become an important market for bitcoin. According to VenturesAfrica, only 30% of Nigerians have active bank accounts. The unbanked population of the country attracts financial innovators, but only few can claim any success. 

Recently, Bitcoin entrepreneurs demonstrated significant interest in Nigeria. In January, ICE3X founded the country’s first bitcoin exchange. 

This summer, a Singapore-based bitcoin exchange, BitX adds Nigeria to its service coverage. This is the second country in Africa where BitX now provides bitcoin services. Nigerian users are now able to buy bitcoin with the local currency Naira, use BitX smartphone apps, and develop bitcoin start-ups with BitX APIs. 
Nigerian officials noted the growth in bitcoin sector. Now they want to regulate it.

Roman Korizky