We Didn’t Ban Cryptocurrencies In Nigeria – CBN

alt: = "central Bank of Nigeria headquarters building"

Nigerians are free to transact on the digital currencies but not through the Nigerian banks

Central Bank of Nigeria has said it never banned trading of Cryptocurrencies in Nigeria, rather what the bank did was restricting the transactions on Cryptocurrencies through Nigerian banks which was aimed at protecting the banking sector from the activities and consequences of bitcoin, others. 

Deputy Governor, Corporate Services of the bank, Adamu Lamtek who represented the Governor at the 30th seminar for Finance Correspondents and Business Editors which was organized by CBN in Abuja on 20th March, 2021 said Nigerians are free to transact on the digital currencies but not through the Nigerian banks. 

“On the issue of Cryptocurrencies, CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.“ Adamu Lamtek said 

Read also: How To Apply For 300,000 National Social Housing Scheme

What You Need To Know 
Central Bank of Nigeria, CBN on 5th February, 2021 placed a ban on transaction on Cryptocurrencies through the Nigerian banks. This was contained in letter addressed to deposit money banks and other financial institutions stating that the financial institutions should henceforth stop dealing and facilitating payment for cryptocurrencies exchanges. The banks were directed to close all corporate and individual accounts used for Cryptocurrencies exchanges.
The bank said its decision was based on the facts that cryptocurrency transactions are not tracked and serve as easiest means of financing global terrorism. 
Previous Post Next Post