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CBN ban cryptocurrency in Nigeria

Banning cryptocurrency trade in Nigeria: Was the CBN right

Cryptocurrency Will Be Allowed in Nigeria, CBN's Godwin

  1. Nevertheless, CBN has flexed its muscle on how Nigerians can buy and sell cryptocurrencies. The country's financial network will now be strongly incentivized to prevent anyone trading in crypto - crypto platforms such as Monnify and Paystack have traditionally been partnered with the financial institutions of Nigeria to enable citizens to purchase crypto through debit card transactions
  2. Ripples Nigeria had reported that the CBN in a statement, prohibited the use of bitcoin and other cryptocurrencies in Nigeria, directing banks and other financial institutions to identify and..
  3. In the last five years, Nigerians have traded 60,215 Bitcoins, or more than $566 million USD, it was reported. In 2017, CBN said it would not licence cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, amongst others, and any transactions conducted through them would not have the protection of the Nigerian law
  4. Nigeria's Central Bank: We Didn't Ban Crypto Trading Deputy Governor Adamu Lamtek said the CBN is not discouraging people from trading in cryptocurrency. Godwin Emefiele, governor of Nigeria's.

It's been roughly three months since the Central bank restricted Nigeria's financial institutions from dealing with anything crypto-related, yet recent data suggests its citizens have increasingly found other alternatives to access the world's flagship crypto.. Data retrieved from Usefultulips (a Bitcoin analytic data provider) shows that the usage of Bitcoin's peer to peer trading in. CBN Crypto Ban Circular: Did They Really Ban Crypto Trading? On 5th February 2021, the Central Bank of Nigeria (CBN) published a circular(image above). The circular was addressed to banks and various financial institutions reminding them that dealing or facilitating payments for cryptocurrency exchanges is prohibited

The recent directive from CBN to banks and financial institutions concerning crypto trading in Nigeria is no news again.. But cryptonites are not giving up neither are they backing down! All hands have been on deck (both exchanges and crypto traders themselves) to fathom out ways to help them keep trading cryptos seamlessly CBN May Soon Lift Ban on Crypto Trading - The Central Bank of Nigeria (CBN) may eventually lift the ban it placed on the trading of cryptocurrencies in the country earlier this year. In February 2021, the apex bank issued a circular to commercial banks, directing them to close all bank accounts linked with crypto trading. Many Nigerians believed that this action was taken to punish the. Nigerian cryptocurrency: CBN ban Crypto [Dogecoin, Bitcoin, Ethereum] trading in Nigeria as China, India, Iran ban crypto-currency trades 7th February 202

CBN Ban On Cryptocurrency: A legal Analysis By Olayanju Philips Through its circular dated 5 th February 2021, the Central Bank of Nigeria (CBN) directed all Deposit Money Banks, Non-Financial Institutions, and Other Financial Institutions to immediately close the accounts of persons and/or entities transacting in or operating cryptocurrency exchanges within their systems Since there's no law in Nigeria that criminalises cryptocurrencies, many do not see the need for the CBN to deny banking access to an entire industry. The CBN had in 2017 warned that cryptos were not legal tender, and any bank that performs any crypto transaction does so at its own risk

Nigerian cryptocurrency: CBN ban Crypto [Dogecoin, Bitcoin

The CBN's directive on cryptocurrency transactions will understandably have an effect on the cryptocurrency market in Nigeria as it essentially prevents traders from buying cryptocurrencies with their credit/debit cards issued by Nigerian banks or receiving proceeds of cryptocurrency sales from exchanges which facilitate the buying and selling of cryptocurrency Nigeria's Central Bank banned the use of Cryptocurrency in the country on January 5th, 2021. In a letter the apex bank stated that Cryptocurrency operators w.. Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. It's triggered anger among Nigerians who see cryptos as a safe haven. Transactions in cryptocurrencies are largely speculative, volatile and should be discouraged, the Central Bank of Nigeria (CBN) says. The apex bank gave the explanation in a statement on its.

Institute of Directors Nigeria confers fellowship on BUA

What CBN's new ban on crypto means for Nigerian users and the local industry. The Central Bank of Nigeria, today, announced a sweeping ban on cryptocurrency purchase and trading in the country. The crypto ban was announced in a now-deleted circular dated February 5, 2021. The circular which bears the insignia of the CBN and signatures of two of its. Nigeria is the world's 2nd largest Bitcoin (cryptocurrency) market while having trade over $500 million just in the last five years. The CBN's initiative on the ban of cryptocurrency will have an incredible impact on the world's 2nd largest bitcoin market because people will not be able to buy cryptocurrencies while using their own credit or debit cards Godwin Emefiele, CBN Governor. By Babajide Komolafe. The Central Bank of Nigeria (CBN) yesterday said its decision to ban the use of cryptocurrencies in the country is to protect Nigerians and the. The Central Bank of Nigeria (CBN) might lift the ban placed on cryptocurrency after the governor, Godwin Emefiele, hinted at allowing the digital currency in the country. This new position is. As the interest in cryptocurrency is seemingly increasing in Africa more than in some of the globe's developed economies, the Central Bank of Nigeria (CBN) has come out to embrace this nascent fintech by saying that Bitcoin and cryptocurrency businesses in Nigeria are not banned at all

CBN bans Nigerians from buying, selling Bitcoin, Crypto

CBN was right about banning or limiting the activities of cryptocurrency in Nigeria. The central bank of Nigeria (CBN) on Friday 5th prohibited banks and financial institution from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges with immediate effect. The move which has caused serious outrage across social medi CBN also says crypto use goes against the CBN Act (2007) of the Federal Republic of Nigeria. The use of cryptocurrencies in Nigeria are a direct contravention of existing laws, the apex bank.

CBN orders banks to close accounts of crypto exchanges. This prohibition on crypto trading an extension of earlier warnings from the bank about the risks associated with cryptocurrencies.. As part of the ban on crypto trading in Nigeria, the CBN has ordered all commercial banks in the country to close accounts belonging to crypto exchanges as well as other businesses transacting in digital. As stated above, the Central Bank of Nigeria did not give any compelling reason for banning crypto. It merely alludes to what people already know about the risks of the industry and states that this crypto ban regulation has been in place since 2017. However, there are speculations as to why the CBN chose to enforce the crypto ban regulation now It has been revealed that the Central Bank of Nigeria's ban of cryptocurrency was an immediate reaction to the hijack of a commercial bank's data and demand for a ransom payment in bitcoins by some cyber criminals. According to a source cited in Nigerian Tribune's reporting, CBN was not against the use of cryptocurrencies and. UPDATED: CBN orders Nigerian banks to close cryptocurrency accounts The bank prohibits dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges

CBN and ban on cryptocurrency The Nation Nigeri

  1. Lagos, Nigeria - When the Central Bank of Nigeria (CBN) issued a circular in early February warning banks and financial institutions that facilitating payments for cryptocurrency exchanges is.
  2. Before the ban hy the CBN in February, NairaEX had grown to become one of the most known Nigerian cryptocurrency exchanges, as it processed over 900,000 transactions from 130,000 users. Like other cryptocurrency exchanges, NairaEX partnered with banks to enable its users withdraw into Nigerian banks, while also offering real-time and automated payments in bitcoin
  3. The CBN further argued that the prohibition of cryptos was not peculiar to Nigeria, as certain levels of restrictions on financial institutions facilitating crypto transactions were applied in.
  4. The Nigerian market is riddled with many limitations that make it difficult for Nigerians to buy bitcoin. From issues of bank restrictions to government outright ban on crypto accounts, scams, Ponzi schemes, and many more, Nigerians are finding it difficult to have free and easy access to bitcoin and other cryptocurrencies. The central bank of Nigeria (CBN), is basically the general financial.
  5. g rate of funds wired weekly to Nigeria from the west using cryptocurrencies, an investigations by Thisday Newspapers suggests.. The apex bank banned dealings in cryptocurrencies or facilitating payments.
  6. ding financial institutions that the ban on cryptocurrencies, aka cryptos, was still in place have been fast and furious
  7. Nigeria Crypto Ban: Stakeholder Body, and blockchain stakeholders in Nigeria has joined other crypto industry players in assailing the recent Central Bank of Nigeria (CBN) directive to banks

Nigerian cryptocurrency: CBN ban Crypto [Dogecoin, Bitcoin

  1. Well! At OgaCrypto, we have decided to share simple and safe steps to bypass the CBN ban on crypto and still enjoy safe bitcoin, ethereum and other cryptocurrencies trading without an exchanger, besides, this is the original idea behind the fast adoption of cryptocurrency in Nigeria. See - The risk of P2P trading and how to avoid them
  2. Nigeria which has been reported to be the world's second-largest Bitcoin trading country over the last 5 years, will likely be missing in action due to this new CBN regulation. What is the Implication of CBN Banning Crypto? The anonymity of bitcoin and other cryptocurrencies makes it somewhat above regulation
  3. The Federal Government, through the Central Bank of Nigeria, (CBN) has placed a ban on the trading of cryptocurrencies bitcoin, ethereum, dogecoin among others in the country. This was contained in a memo issued today, 5th February 2020, signed by the Director of Banking Supervision, Bello Hassan
  4. Abidemi Ogunjimi Cryptocurrency Ban in Nigeria: On February 5, 2021, the Central Bank of Nigeria released circular prohibiting regulated institutions from dealing in crypto currencies and facilitating payments for crypto currency exchange within the country. The circular further directed institutions to identify crypto dealers within their systems and close up their accounts
  5. Crypto in Nigeria after CBN ban Following the crypto ban by the CBN, Nigerians in their resilience have resolved to opt to peer-to-peer crypto exchange to get on with their crypto transactions. According to Usefultulips (a Bitcoin analytic data provider) revealed that the use of Bitcoin for peer-to-peer lending in Nigeria surged by 15.8% since the CBN directive took effect about six days after.
  6. Blockchain and Cryptocurrency Consultant, Adekunle Daniel discusses the long term effect of CBN's ban on cryptocurrency in Nigeria Photograph — cryptocurrenyinsider.com On the 5th of February, 2021, a letter sent by the Central Bank of Nigeria to all financial institutions in the country sparked a reaction across all social media platforms
  7. The CBN bans crypto in Nigeria. Bitcoin / By digipesa / Leave a Comment. On Friday the 5th of February 2021, we were just chilling having a good day when news emerged that the Central Bank of Nigeria had banned crypto. Funny enough, this was just after Davido had mused over starting a crypto exchange on Tuesday

Two weeks ago, the Central Bank of Nigeria (CBN) requested that banks and other financial institutions close the accounts of cryptocurrency exchanges in the country, causing a ruckus. Its reasons (which have since been countered) were focused on how crypto is used for fraudulent purposes and the anonymity of crypto users.. It's important to note that the CBN didn't ban cryptocurrencies in. Hundreds of Nigerians on Friday angrily protested the ban by the Central Bank of Nigeria (CBN), earlier in the day, on buying and selling of bitcoin and cryptocurrency in the country Nigerian senators have reacted to the current ban on cryptocurrency trading in the country by the Central Bank of Nigeria (CBN). On one hand, a cross-session of the lawmakers are of the opinion that cryptocurrencies have made the Nigerian currency useless, but on the other hand, some think there are huge economic opportunities there, hence it should be regulated The Nigerian Senate has opposed the Central Bank of Nigeria ban on cryptocurrency trading. The Apex Bank had recently released circular prohibiting financial institutions from dealing with crypto related entities. The circular also warned financial institutions of regulatory sanction if they do not comply. In the circular, the CBN ordered financial institutions to close down [

Meanwhile, Nigeria's Securities and Exchange Commission has halted its planned regulatory sandbox for crypto businesses following the CBN ban. According to the SEC, the decision was taken because qualified businesses under the sandbox framework are currently prohibited from holding bank accounts in the country The Senate of Nigeria has summoned the CBN governor to explain the decision to ban cryptocurrency. In a move that sparked outrage on social media earlier this month, the CBN issued a reminder to regulated financial institutions in the country that a 2017 regulation prohibits them from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges Nigerians Lambast CBN Governor, Emefiele For Defending Ban On Cryptocurrency The head of the nation's apex bank also attributed the cryptocurrency financial system to a dark world or shady. While the CBN'S decision appears plausible and wears a nationalistic garb and thus seems to override all other considerations, I believe the issue of cryptocurrency in Nigeria has no end in sight

Join AnaedoOnline Telegram The Central Bank of Nigeria (CBN) on Sunday explained that its position on cryptocurrency espoused in its recent circular will remain for the foreseeable future. The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets [ Spread the love 9 total views FILE PHOTO: Cryptocurrencies The Securities and Exchange Commission (SEC) has joined the Central Bank of Nigeria (CBN) to ban crypto trading. SEC has stopped admittance of affected persons into its Regulatory Incubation Framework for Fintech firms. In a statement on Thursday, SEC said it received inquiries on a perceived [ Cryptocurrency (crypto) is not accepted as a global legal tender, but 111 countries in the world are tolerating it as they understand its potentials and risks. These include all the countries with strong financial centres, like the United States, United Kingdom, European Union, etc. Central banks are also exploring digital currencies to compete with crypto Hypothetical unfounded economical experiments, just yesterday it was cryptocurrency bans, before then border closure, before this multiple FX exchange rates, Rice importation land bans, sea entry, Milk importation ban, extravagantly reduced rates for BDC , continous hike in power, fuel costs, 300% hike in electricity tariffs without much MW added to its peak rate at over 5000 MW before.

The Future of Crypto in Nigeria After CBN Ban ItsBlockchai

As regards our recent policy pronouncement, it is important to clarify that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies, given that all banks in the. Reasons why CBN Ban Cryptocurrency exchange in Nigeria Admin Business CBN believe that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion following directive to banks to close accounts related to cryptocurrency exchange Central Bank of Nigeria bans banks from servicing crypto exchanges . Apart from the CBN ban, the only other crypto-related regulatory news to come out of Nigeria was back in September 2020 Nigerians interpreted this to mean that the CBN had banned cryptocurrency in its entirety. Notable social and political commentator Reno Omokri's tweet in which he said that rather than Buhari fulfilling his promise of creating jobs, the CBN under his government has instead banned cryptocurrency, rendering youths unemployed garnered more than 1k retweets and 2k likes

Binance founder gives Nigerians two options after CBN ban

The Central Bank of Nigeria claims that cryptocurrencies are used for laundering money and for terrorist activities within the country, hence the ban on cryptocurrencies in the country. The Acting Director of Corporate Communications CBN; Nwanisobi Osita, on the 7th of February, said that the Central Bank did not place any new restrictions on cryptocurrencies with the circular put out on the. The CBN or any government at all cannot ban crypto. They cannot do this because no one owns the blockchain. So, how does this ban affect crypto traders in Nigeria The CBN official, Adamu Lamtek, reportedly said that the bank protected the banking sector from cryptocurrencies—it didn't ban crypto trading itself. The clarification comes more than a month after Nigeria's central bank told all banks to immediately cancel their services for customers who buy, sell, or trade cryptocurrencies The recent crypto ban by the CBN is not the first time the regulator has expressed its disaffection and disapproval for virtual currencies. As far back as 2017, the countries apex bank has vehemently warned both people and banks from indulging in its sale and circulation, insisting it can't guarantee its safety and as such can't protect Nigerians nor recover any losses incured from dealing. The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. A cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market.

Riding on technology to drive #EndSars protestsHow cryptotraders are handling CBN’s crypto ban and bank

Below are some of the reasons the CBN has banned cryptocurrency transactions in Nigeria. Lack of regulation. The apex bank said because cryptocurrencies are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria It's no longer news that the Central Bank of Nigeria popularly called CBN has placed a ban on cryptocurrency in Nigeria. With this ban in place, it is no more possible for Nigerians to buy Bitcoin from their usual exchanges with their debit cards or directly from their Nigerian bank accounts. The ban has forced many Nigerians to hold their. The social media space has been abuzz after the Central Bank of Nigeria (CBN) issued a circular last Friday, reminding commercial banks and other financial institutions on the prohibition of facilitating payment for crypto-currency transactions. According to the circular, CBN referred to the previous warning of January 12, 2017. CBN to partner investors to build [ The Central Bank of Nigeria (CBN) has banned all forms of cryptocurrencies in the country, warning deposit money banks, non-financial institutions, and other financial institutions against their continuity in the business. The CBN, in a statement obtained by Techeconomy.ng on Friday, February 5, warned and reminded local financial institutions against having any transactions in crypto [

CBN bans Nigerians from buying, selling bitcoin, other crypto

The apex monetary authority in Africa's most populous nation Nigeria, the Central Bank of Nigeria (CBN), has banned all banking relationships between cryptocurrency exchanges or service providers and banking institutions in the country. According to multiple local news sources, the CBN has directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and Other Financial. Yet, on Feb. 5, many Nigerians were surprised and angered when the Central Bank of Nigeria (CBN) announced a ban on the exchange of cryptocurrency by financial institutions and directed banks to. CBN's BVN Verification Ban: What it Means for Nigerian Fintechs and their Customers This means that startups operating in the payment, crypto, The Governor of the Central Bank of Nigeria (CBN), Load More... Follow on Instagram. Random News Anti-crypto regulations have nothing on the innovative minds of Nigerians as they remain dominating with alternative crypto methodologies

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Nigeria's Central Bank: We Didn't Ban Crypto Trading

The Central Bank of Nigeria (CBN) has justified the ban on cryptocurrencies, saying it fuels illicit financial flow and terrorism. In a statement, Osita Nwanisobi, Acting Director, Corporate. Though lots of prominent Nigerians condemn the ban on crypto currency, but some fintech platforms have already complied to the new CBN policy and Nigerians have to resolve to other means of buying and selling bitcoin and other cryptocurrencies. The Effect of Crypto Currency Ban in Nigeria With the ban placed on the transactions on crypto currency in Nigeria by the CBN it became difficult for Nigerians to access their funds in their wallet, so novice needs to higher to people to help them withdraw through the p2p system because they have no idea of how the p2p works The Central Bank of Nigeria (CBN) yesterday said its decision to ban the use of cryptocurrencies in the country is to protect Nigerians and the nation's financial system from the illegal nature of.

House Divided over CBN Ban of Cryptocurrency. The recent ban on cryptocurrency transactions via Nigerian bank accounts has divided opinions among Nigerian senators. Recall that the Central Bank had directed deposit money banks and other financial institutions to deactivate all customers' accounts used for transacting all forms of virtual currencies The Central Bank of Nigeria (CBN) finally explains why it directed banks to close all accounts belonging to crypto exchanges and other businesses transacting in cryptocurrencies in the country. KanyiDaily recalls that in a circular dated February 5, 2021, the CBN had directed all Nigerian banks to close all cryptocurrency-related accounts.in the country While stressing that cryptocurrencies were issued by unregulated and unlicensed entities, the CBN noted that it is contrary to the mandate of the bank, as enshrined in the CBN Act (2007), which declares the bank as the issuer of legal tender in Nigeria. Thus, he described the operations of cryptocurrencies as dangerous and opaque

Nigerians increasingly using Bitcoin since CBN's Crypto ba

Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank's imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia Unsurprisingly, the ban raised major concern amongst the public. Many were concerned about the potential negative effect it could have on the country's booming crypto market. Why has the CBN banned cryptocurrency? In a later press release, the Central Bank of Nigeria put forward some interesting points to defend its decision According to local news reports, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, says he will allow the trading of Bitcoin and other cryptocurrencies.. In February this year, CBN Director Bello Hassan signed a letter warning monetary service providers of severe regulatory sanctions if they dealt with cryptocurrency exchanges Alarmed by the CBN decision to ban cryptocurrency trading, many Nigerian on social media said the decision could discourage investors from Nigeria, wondering why the government will implement such a policy when countries across the globe are adopting cryptocurrency

CBN Crypto Ban: What It Really Means And The Way Forwar

Why CBN Banned Cryptocurrency. The CBN on February 7 explained why it banned cryptocurrency transactions. According to the apex bank, it could be used to launder money and fund terrorism. In a statement, Osita Nwanisobi, acting director, corporate communications, CBN, said the ban on such transactions would not have any negative impact on fintech Why we banned cryptocurrency in Nigeria - CBN A market that has an opportunity for ICOs, derivatives, is not a market we can ignore. It is our desire that we do more work, collaborate as regulators and analyze to make sure that we provide a level playing field where Nigerians, international investors, and whoever is interested in this space will be comfortable and happy

Buy Crypto in Nigeria: 9 Ways To Bypass The CBN Crypto Ba

Cryptocurrency Saga: Tesla Moves To Accept Bitcoin As Payment In Near Future, as CBN Ban Crypto Trading In Nigeria News Analysis Published on Feb. 9, 2021, 11:12 a.m. by Whitney-Edna-Ib After a ban of the bitcoin cryptocurrency back in February, Nigeria has experienced a 27% increase the volume of exchanged bitcoin on peer-to-peer services. The CBN's ban has proven impossible because of bitcoin is decentralized Trading cryptocurrency regularly via an exchange may seem more comfortable and safer than using peer-to-peer trading platforms. However, due to the bank cryptocurrency ban placed by the Central Bank of Nigeria (CBN), Nigerians have to look for alternative means. These alternative methods include face-to-face contacts or using peer-to-peer. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank's imposed restrictions The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market. They said this at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in [

CBN May Soon Lift Ban on Crypto Trading » Financial Watc

Nigeria Did Not Ban Crypto: Official Clarifies on Earlier Order Banks and other financial institutions are barred from serving crypto companies. Arnab Shome said that the CBN did not ban Nigerians from buying, selling or holding cryptocurrencies but protected the banking sector from the activities of cryptocurrencies The ban will affect cryptocurrency exchanges in Nigeria. Despite the restriction, youths remain unperturbed, with some calling for a protest. Central Bank Of Nigeria Orders A Crypto Ban On All Transactions. Following the recent news release by the Central Bank of Nigeria, CBN, banning financial institutions from all cryptocurrency transactions In the release, the CBN explained that it has not imposed a new law banning cryptocurrency trading but that there is an existing law against cryptocurrency in Nigeria Nigerians traded N69.29bn ($169m) in bitcoin volume in the first five months of 2021, according to data analysed from www.usefultulips.org. The data showed that trading volume was highest in May at $38.5m, compared to $33.1m in April; $33.6m in March; $31.9m in February and $31.9m in January. Last month, bitcoin, the world's most popular cryptocurrency, [ Many Nigerians who engage in business transactions using cryptocurrencies were utterly shocked, on February 5, when CBN directed financial institutions to close accounts of persons or entities.

Central Bank of Nigeria (CBN) announced on Friday, 5th of February, 2021, that cryptocurrency exchange is prohibited in the country. Financial institutions are also directed to shutdown accounts of anyone or entity transacting in or operating crypto currency exchanges within their systems. In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of [ Nigeria is the second biggest bitcoin market worldwide. Despite this, the Central Bank of Nigeria (CBN) recently passed a ruling that bans crypto trading in the country. The directive may have sent the crypto community into a frenzy. Still, it did not stifle interest in crypto trading and blockchain technology- in fact, the ban is fueling it Despite the ban on crypto-currency trading in Nigeria, the country has emerged as the biggest market for Paxful, a global peer-to-peer fintech and crypto-currency trading platform, with an. The CBN has been ambivalent about governing crypto even as the asset class grows more popular. To be certain, there are real concerns in the talk about regulation, but in Africa, governors have an affinity for banning what they don't understand or they feel it is difficult to handle.. The Securities and Exchange Commission, that is to safeguard investors warned investors regarding trading. The CBN further noted that the use of cryptocurrencies in Nigeria contravenes existing laws. Senator Istifanus Gyang during plenary on last Thursday raised a motion on the CBN's directive to stop financial institutions from transactions in cryptocurrencies. READ ALSO: Nigeria Cryptocurrency: How to Bypass CBN Ban On Your Crypto Tradin

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