Is the Central Bank of Nigeria Aware?

charles okaformbah
2 min readFeb 17, 2021

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Just have some questions. #IsTheCBNaware

Is the CBN aware that 2years FG Saving bond is at 4% per annum but DeFi products like Aave allows users to lend and borrow with $DAI and $BUSD is giving about 4–7% on a 30 days range?

Is the CBN in charge of security and asset trading/exchange?

Is the CBN aware that there are different types of crypto-assets and not all terms themselves as money or store of value but utility token for blockchain transactions?

Is the CBN aware of stablecoins and how it plays a role in helping people to hedge against volatility in the crypto-space?

Is the CBN aware that assets could be tokenized and traded on the blockchain legitimately?

Is the CBN aware that Illicit cryptocurrency activity accounted for just 2% of the region’s roughly $16 billion trading volume from July 2019 to June 2020. Scams accounted for 55% of this low level of illicit activity?

Is the CBN aware that anonymity on the blockchain is pseudo and that local regulated exchanges have KYC/AML structures in place?

Is the CBN aware that even if users have nothing to hide, they have a right to privacy since we are not in a policed state?

Is the CBN aware that there are tools you can use to track illicit activities?

Is the CBN aware that a parallel market exists outside the on and off-ramp exchanges?

Is the CBN aware that SEC is liaising with the blockchain players to see how to harness and thrive the crypto-asset exchange?

Is the CBN aware that there is a National Blockchain Adoption Framework currently being pushed by NITDA with all stakeholders involved in the space?

Is the CBN aware that Citizens have a right to protect their asset from devaluing provided they are not breaking the law?

Is the CBN aware that for a secondary market asset, you can not easily control speculators?

Is the CBN aware that jobs have been created and that during the lock-down, most people survived cause of trading activities and crypto air-drops?

Is the CBN aware that my mom was paid her pension and she invested in TBills for a single-digit interest which is currently at 0.5%. She had to move it to Bitcoin and Bitcoin has done 350% of her investment in less than 9months?

Is the CBN aware?

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charles okaformbah
charles okaformbah

Written by charles okaformbah

Blockchain Solutions Architect | Cloud Engineer — CoFounder @ Convexity and VesselTrust

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