{"id":44322,"date":"2021-05-31T14:55:20","date_gmt":"2021-05-31T14:55:20","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=44322"},"modified":"2021-05-31T14:55:29","modified_gmt":"2021-05-31T14:55:29","slug":"bitcoin-a-shield-against-inflation-in-nigeria-moghalu-disagrees-with-cbn-on-cryptocurrency","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=44322","title":{"rendered":"\u2018Bitcoin a shield against inflation in Nigeria,\u2019 Moghalu disagrees with CBN on cryptocurrency"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2018\/05\/Kingsley-Chiedu-Moghalu.jpg\" alt=\"2019: Moghalu lists issues that has made Buhari lose goodwill among Nigerians\"\/><\/figure>\n\n\n\n\n\n<p>A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has compared the fall of cryptocurrency in recent weeks to the crisis in the Nigerian Stock Exchange (NSE).<\/p>\n\n\n\n<p>The cryptocurrency market has been experiencing a torrid time since Tesla founder, Elon Musk, announced that the company would no longer accept Bitcoin as payment option.<\/p>\n\n\n\n<p>Musk\u2019s comment in mid-May led to a sharp decline in the value of Bitcoin, the most popular cryptocurrency in the world.<\/p>\n\n\n\n<p>It has since dropped from $50,000 to below $35,000.<\/p>\n\n\n\n<p>Bitcoin lost about $15,000 in asking price in three weeks and currently trades at $36,030.<\/p>\n\n\n\n<p>The development had caused sentiment against Bitcoin to spread across.<\/p>\n\n\n\n<p>The CBN governor, Godwin Emefiele, had continued to blame the crash on fraudulent activities.<\/p>\n\n\n\n\n\n<p>However, &nbsp;Moghalu likened the crash in Bitcoin to regular occurrence witnessed in the stock market.<\/p>\n\n\n\n<p>He said same outcome has been recorded in other financial assets as investment remains a risk.<\/p>\n\n\n\n<p>He said: \u201cCryptocurrency is taking a beating in financial markets. This is the case for most financial assets such as company shares on stock exchanges. It\u2019s always a risk, but in Nigeria it remains a hedge against inflation and naira devaluation for many. This dip may be time to buy.\u201d Moghalu said.<\/p>\n\n\n\n<p>The stock market in Nigeria has been on a decline since the beginning of the month with over N900 billion wiped off the bourse, according to the month\u2019s market analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has compared the fall of cryptocurrency in recent weeks to the crisis in the Nigerian Stock Exchange (NSE). The cryptocurrency market has been experiencing a torrid time since Tesla founder, Elon Musk, announced that the company would no longer accept Bitcoin as [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018Bitcoin a shield against inflation in Nigeria,\u2019 Moghalu disagrees with CBN on cryptocurrency &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=44322\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=44322#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"\u2018Bitcoin a shield against inflation in Nigeria,\u2019 Moghalu disagrees with CBN on cryptocurrency\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u2018Bitcoin a shield against inflation in Nigeria,\u2019 Moghalu disagrees with CBN on cryptocurrency &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=44322","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=44322#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"\u2018Bitcoin a shield against inflation in Nigeria,\u2019 Moghalu disagrees with CBN on cryptocurrency"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a>","rttpg_excerpt":"A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has compared the fall of cryptocurrency in recent weeks to the crisis in the Nigerian Stock Exchange (NSE). The cryptocurrency market has been experiencing a torrid time since Tesla founder, Elon Musk, announced that the company would no longer accept Bitcoin as&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/44322"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44322"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/44322\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}