Nigerians seem to have eschewed the e-naira, the CBN’s digital money. Despite the central bank’s efforts to position the e-naira as a cryptocurrency alternative, locals appear to still favour cryptocurrencies. The founder and CEO of a local cryptocurrency exchange, Benjamin Eseoghene, claims that the CBN’s failure to adequately educate the public about the e-naira may be the cause of locals’ resistance to using it. According to Eseoghene, whose business Roqqu.com recently got authorization to operate in Europe, some Nigerians favour cryptocurrencies because they are borderless.
Other factors driving Nigerians towards cryptocurrencies include the country’s persistent lack of foreign money and the depreciation of the indigenous currency. Nigeria is one of the world’s largest crypto markets with a population of over 200 million, which naturally draws major international crypto companies. Local business owners like Eseoghene however, have not been discouraged by the existence of such large corporations. Eseoghene provided written responses to inquiries from Bitcoin.com News in which he outlined how his 2018 founded business is able to compete with some of its well-funded rivals. He also shared his opinions on the CBN’s direction and the e-naira.
Many question and demand answers by Eseoghene.
One of Nigeria’s locally founded cryptocurrency exchanges, which competes with well-funded international marketplaces for what is effectively one of the largest cryptocurrency markets in the world. Roqqu is a digital asset exchange and is one of the fastest and most secure platforms available, making it a popular choice for those looking to trade digital assets. One of the main benefits of using Roqqu is that it eliminates the need to wait for buyers or sellers, as well as the risk of fraud. From humble beginnings, they developed into a team of more than 60 people with the top product in the African blockchain market, which has more than 1.4 million users.
They state that they have the quickest and safest method to purchase, sell, store, and accept crypto. Being aware that our users want more from us than just a trading platform; they also want to grow their brands, create their own businesses, and achieve financial independence. This knowledge continuously provides motivation to keep enhancing our services and adding flexible new features to our platform. While providing the greatest technology available, they ensure that the application functions flawlessly, while providing customers with the confidence that security of all assets are safe and secure.
Foreigners cannot use or trade on the platform.
This current app provided to Nigerians is currently only available within Nigeria, but they are developing a workaround to make it usable elsewhere in the world. This is an important step in the upgrades to allow users that reside and/or attend school abroad will have access to the system. Cryptocurrency is the best solution to those outside of Nigeria. This is why Roqqu has spent many months working to make this available worldwide.
The Central Bank of Nigeria (CBN) gave banks instructions in February 2021 to virtually block off cryptocurrency companies from the financial system. According to the CBN’s 2021 “love letter of heartbreak” report, was difficult because it had a significant impact on both the product and the crypto market as a whole. Nigerians are, let’s face it, tremendously interested in cryptocurrency. Over the past few years, the country’s cryptocurrency commerce has exploded. The second-biggest volume of bitcoin trades worldwide, after the United States, occurs in Nigeria, the largest cryptocurrency market in Africa.
Roqqu will make for a positive shift for cryptocurrency in the nation.
It stands to reason that they would enhance the current policies or perhaps even develop new ones that will encourage the growth and dissemination of cryptocurrencies in the country given that it is oblivious that they have a full or at least partial understanding of what can be created from cryptocurrencies and the broader blockchain industry.
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