Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies.
Africans Need ‘Access to the World of Cryptocurrency’
In contrast, Nigerians appear to have shunned the CBN’s digital currency — the e-naira. Despite the central bank’s attempts to present the e-naira as an alternative to cryptocurrencies, local residents seemingly still prefer the latter. According to Benjamin Eseoghene, the founder and CEO of a local crypto exchange, the residents’ reluctance to use the e-naira could be tied to the CBN’s failure to fully sensitize the masses about it.
Eseoghene, whose company Roqqu.com recently received approval to operate in Europe, told Bitcoin.com News that Nigerian residents prefer cryptocurrencies because they are borderless. Meanwhile, Nigeria’s continuing shortage of foreign exchange, as well as the local currency’s decline, are other factors that push Nigerian residents towards cryptocurrencies.
Nigeria’s population of over 200 million people means the country is one of the world’s biggest crypto markets and this naturally attracts global crypto giants. However, the presence of such big companies has not deterred local entrepreneurs like Eseoghene. In his written responses to questions from Bitcoin.com News, Eseoghene explained how his company, which was founded in 2018, is able to compete against some of its well-funded rivals. He also offered his thoughts about the e-naira and the CBN’s directive.
Below are Eseoghene’s responses to the questions.
Bitcoin.com News (BCN): You operate one of Nigeria’s locally established crypto exchanges that competes with well-resourced global platforms for what is essentially one of the world’s largest crypto markets. Can you start by telling our readers the reasons that prompted you to launch Roqqu in 2019, and why it has held its own against its much bigger rivals?
Benjamin Eseoghene (BE): We are a brand that builds the future of Africa using blockchain technology. Starting off from the days of little beginnings, we evolved into a team of 60+ with a leading product with over 1.4m+ users in the African blockchain space.
We are everyone’s best bet as the fastest and safest…
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