A Professor of Banking and Finance, James Chinedu Ihemeje, has said the Central Bank of Nigeria (CBN) fears
cryptocurrency because it could reduce the relevance or job functions of its officials.

Speaking during the 61st Inaugural Lecture at Michael Okpara University of Agriculture, Umudike, on Wednesday, Prof. Ihemeje advised the Federal Government to adopt cryptocurrency for official transactions and create a robust regulatory framework to manage its use.

 “CBN is afraid because they may lose part of their jobs,” he said, stressing that crypto is controlled by blockchain, not by any central authority, and could coexist with traditional money, as seen in the U.S. and other developed countries.

Ihemeje urged financial regulators like CBN and SEC to move beyond fear and focus on regulations that ensure accountability while allowing innovation.

He also clarified that cryptocurrency is not the same as Ponzi schemes, warning Nigerians to beware of scammers exploiting crypto’s image.

Meanwhile, the university’s Vice Chancellor, Prof. Muduebibisi Ofor Iwe, expressed interest in policy ideas that could help stabilize the Naira and improve the Nigerian economy.