A scholar in the Department of Banking and Finance at Michael Okpara University of Agriculture, Umudike (MOUAU), Professor James Chinedu Ihemeje, has called for the adoption of cryptocurrency in Nigeria as a tool for economic stabilization and sustainable development.
Delivering the university’s 61st inaugural lecture titled “Cryptocurrency Investment in Nigeria: Stabilizing Future Value of Money for Sustainable Development,” Prof Ihemeje urged the Federal Government to embrace cryptocurrency to bolster the nation’s financial system.
Prof James Chinedu Ihemeje
He explained that cryptocurrency operates on block chain technology, which enables secured and seamless transactions.
According to him, the benefits of adopting cryptocurrency are vast, including ease of sending money to family members abroad, enhanced savings and investment opportunities, online transactions and digital commerce.
While acknowledging the risks associated with cryptocurrency, Prof Ihemeje advised users to exercise caution, emphasizing the importance of government regulation to ensure the secured and smooth operation of crypto platforms.
The professor advocated for collaboration between the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to integrate cryptocurrency into the nation’s financial ecosystem, noting that cryptocurrency could function alongside the naira and represents a technological advancement over traditional paper currency.
Prof Ihemeje also highlighted the potential of cryptocurrency to combat money laundering, financial waste and fraud across various government sectors, if formally recognized as a legal means of transaction. He urged government bodies, academic institutions, financial organizations, and other stakeholders to explore the platform for its numerous economic benefits.
In closing the lecture, the Vice-Chancellor of MOUAU, Prof Maduebibisi Ofo Iwe, commended Prof Ihemeje for his insightful presentation. He noted that if properly regulated, cryptocurrency could significantly enhance Nigeria’s economic outlook, calling for more research to develop robust models for navigating the crypto landscape and safeguarding users against scammers.
While speaking with journalists, the Deputy Chairman of the Imo State Council of Traditional Rulers and Chairman of the Governing Council of Imo State College of Education, His Royal Majesty Eze Oliver Ohuhu, commended the academic excellence of Prof. Ihemeje, one of his subjects.
Eze Oliver Ohuhu
Addressing the topic, Eze Ohuhu who also serves as the Deputy Chairman of the South Nigeria Traditional Rulers Council, described the lecture as timely and relevant. He noted that while many countries around the world have embraced cryptocurrency, Africa was yet to do so.
He lamented Africa’s lack of awareness about the potential benefits of cryptocurrency and emphasized that Nigeria has the opportunity to lead the way by adopting it.
According to the monarch, the introduction of cryptocurrency could help eliminate fraud in various sectors of the Nigerian economy, ultimately reducing some of the root causes of inflation. He further stated that cryptocurrency could contribute to economic stability and promote a more transparent financial system.
Eze Ohuhu further urged the federal government to explore and adopt the platform in order to harness its advantages.
