The Central Bank of Nigeria Debunked The Rumor Regarding Cryptocurrency Ban In Nigeria

cbn comment on cryptocurrency ban in nigeria

 Following the News report today, Sat, Mar 20, 2021, The Central bank of Nigeria (CBN) put some clarity in the rumors going on in the county ”Cryptocurrency was banned in Nigeria.

Regarding the cryptos ban pressure in Nigeria which was the widespread of cryptocurrency ban in the country has make the citizens and those who trade digital currency to be depressed and it has already make some of them to lose hope in their coins and abandon them.

The CBN governor, DR.Emefiele Godwin, represented by his deputy, Adamu Lamtek, enlighten the citizen about the new development during a meeting in Abuja at the 30th seminar for finance correspondence and business editors arranged by the finance institution.

He said the action they took was a way to guide and protect banking sector from criminals and their activities such as internet fraud been done and accomplished by cryptocurrency.

”The CBN did not place restrictions from the use of cryptocurrencies, and we are not discouraging people from trading it. What we have just done was to prohibit transactions on cryptocurrencies in the banking sector” said by CBN governor.

So, what this message is simply telling Nigerians is that, Cryptocurrency is not banned in the country, they just restrict it from banking sector to avoid money laundry and such fraud activities. According to central bank of Nigeria, we can still trade cryptocurrencies in Nigeria but not with Naira.

Shortly, After the news of  CBN governor about not restricting cryptocurrency(bitcoin) trading go viral, the bitcoin price fall from 509 Naira/dollar to about 501Naira/dollar, according to Binance bitcoin exchange market chart.

About a month ago, when the Central bank of Nigeria restricted Nigerians from dealing with cryptocurrencies trading, the Naira value of Bitcoin declined from 500Naira to about 400 Naira per Dollar in the Bitcoin market.

In Nigeria today, the only way to trade cryptocurrency is by applying a peer to peer (P2P)methods. 

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