A Nigerian , who is Africa’s first/pioneer professor of Cryptocurrency Finance ( CCF) Dr James Chinedu Ihemeje has recommended its formal/official adoption and use in official transactions in Nigeria.
But he cautioned that it should exist under effective regulatory framework by the Central Bank of Nigeria ( CBN) and the Security and Exchange Commission ( SEC ).
Ihemeje, a professor of CCF at the Department of Banking and Finance, Michael Okpara University of Agriculture Umudike ( MOUAU) Abia state, recommended this while delivering the 61st inaugural lecture of the university titled ” Cryptocurrency Investment in Nigeria; Stabilizing Future Value of Money For Sustainable Development”, stating that it’s adoption would encourage it’s use by Nigerians.
The MOUAU Vice Chancellor, professor Maduebibisi Ofo Iwe who described the topic of the inaugural lecture as timely and apt, noted that the lecturer ( prof Ihemeje) who is Africa’s pioneer professor of Cryptocurrency Finance, is both a Nigerian of the university.
He said that MOUAU , would subsist feeling the pulse of Nigerians with the view to doing the needful on emerging scenarios, including articulating policies that would stabilize the Nigeria economy and the Naira currency.
The Inaugural Lecturer in his lecture presentation, disclosed that he explored cryptocurrency and the digital financial innovation as transformative forces capable of reshaping financial systems, promoting inclusion, and driving economic growth across Nigeria and Africa.
According to him ” this study explored the potential of cryptocurrency investment to stabilize the future value of money in Nigeria within the context of macroeconomic instability and digital financial evolution”.
Reporting that the study concluded that cryptocurrency investment can serve as a complementary financial mechanism to stabilize the value of money and support sustainable development in Nigeria”, the Nigeria born, Africa’s pioneer Cryptocurrency Finance professor ( the inaugural lecturer/Ihemeje), however hinged Cryptocurrency success on proper regulation, financial education, and integration into broader economic reforms.
According to him, policymakers should neither ignore nor restrict the crypto economy but rather harness it’s stabilizing potential for Households, SMEs, and vulnerable populations.
He did not end his lecture without some recommendations to his university ( MOUAU), the federal , Abia and Imo States governments.
To his university, he urged it to integrate Cryptofinance, Blockchain technology, and Financial innovation into its curriculum, research and partnerships, including promoting Fintech-based entrepreneurial development programmes among the students.
Abia and Imo state governments, he advised, should partner with digital asset platforms to support SMEs and rural traders with cross-border payment tools, and launch awareness campaigns on safe Crypto practices to prevent fraud and financial loss.
He also urged the federal government to formulate a balanced national Crypto policy, build collaborations with local and international Blockchain firms for digital infrastructure investment as well as empower regulatory agencies like SEC and EFCC, with the tools to monitor and prevent crypto-based crimes, towards protecting investors.
The professor consequently posited that Cryptocurrency should exist side-by-side with paper money in Nigeria, and thus help to stabilize the economy, as is done in some developed and developing economies.
The CCF expert argued that there should be no fear that, because Crypto money operation is controlled by blockchain computers, there is likelihood that the Crypto Currency System of transactions will negatively impact CBN with respect to job losses and reduction of its functions, and allayed such fear
Professor Ihemeje however maintained that the CBN and Security and Exchange Commission (SEC ) must/shall effect the Cryptocurrency regulatory framework and allow it to operate/ flow, adding that with the duo’s effective regulation and monitoring, the law will deal with anybody that contravenes the system.
Not likening Cryptocurrency to Ponzi Schemes, as is suspected or being misconstrued by those apprehensive of Cryptocurrency , the professor urged that Nigerians should however be vigilant, to avoid falling prey to Online scammers, advising that Nigerians should invest what they can afford as loss, as it obtains in any business venture.
Thereafter delivering his lecture, professor Ihemeje followed it with public presentation of his titled
” Cryptocurrency; The Future Of Finance in Nigeria”, saying it is a reflection of his academic journey and professional commitment to bridging the gap between traditional banking knowledge and the dynamics of digital finance.
