Read the CBN’s full statement: CBN Press Release on Crypto-currency. Spread the loveThe Securities and Exchange Commission (SEC) of Nigeria has reported that discussions with the Central Bank of Nigeria (CBN) about cryptocurrency legislation are pending. By Emmanuella Anokam Abuja, April 16, 2021 The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to set up a presidential commission on cryptocurrency … 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. Cryptocurrency trading in Nigeria is gaining popularity in recent times, with investors both local and international considering the new types of money. Transactions, investment and transfer of funds through cryptocurrency is on the rise. Recently, on 5 th February 2021, the Central Bank of Nigeria (CBN) passed new laws for cryptocurrency. Introduction . At the fear of Nigeria’s Central Bank, financial institutions immediately began to close crypto-related firms. The crypto ban was announced in a now-deleted circular dated February 5, 2021. The ban ordered all the commercial banks in Nigeria to close the accounts of those related to cryptocurrency exchanges and other transactions related to cryptocurrencies. Senate mandated its Committees on Banking, Insurance and other Financial Institution, ICT and Cybercrimes and Capital Market to invite the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele to explain the reasons behind the recent strict regulations on cryptocurrency operators and crypto traders. 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. Reactions to a recent circular by the Central Bank of Nigeria reminding financial institutions that the ban on cryptocurrencies, aka cryptos, was still in place have been fast and furious. Godwin Emefiele, governor of Nigeria’s central bank, which recently barred banks from serving crypto exchanges, is said to have explained the bank’s stance on cryptocurrency usage in … It wasn’t all good news, though. […] D igital currenc ies ha ve a host of merits that have propelled the growth and use of the same in different parts of the world. Recent Events. The Central Bank of Nigeria, today, announced a sweeping ban on cryptocurrency purchase and trading in the country. Nigeria has set the pace in the acceptance and use of cryptocurrency in Africa. The recent CBN crypto ban has not stopped Nigeria from topping P2P transactions in Africa. Our Cryptocurrency News feed is a one stop shop destination on all the latest news in crypto. Before this latest policy, Nigeria was already driving the cryptocurrency revolution on the African continent. One of Nigeria’s largest cryptocurrency exchanges, BuyCoins, was founded in 2017. Transactions in cryptocurrencies are largely speculative, volatile and should be discouraged, the Central Bank of Nigeria (CBN) says. A financial analyst and senior banker, Olumide Balogun, said the CBN policy has been there for a while now and that the recent memo is just to reiterate its position on cryptocurrency. Cryptocurrency in Nigeria. LAGOS FEBRUARY 22 ND (NEWSRANGERS)-It’s been about two weeks since Nigeria’s Apex bank prohibited regulated financial institutions from dealing with Cryptos or face the wrath. Several cryptocurrency companies in Nigeria, The long-awaited news just arrived. *UPDATED 11/02/2021* In light of the recent circular from the Central Bank of Nigeria (CBN) advising financial institutions to close bank accounts held by cryptocurrency service providers, Luno has been forced to disable all Naira withdrawals and deposits. On the global stage, it has the second largest Bitcoin trading volume. Vice President, Yemi Osinbajo, has expressed his reservations with Nigeria's recent ban on cryptocurrency trading. The letter was released to banks and other financial institutions and it stated that all dealing in cryptocurrency were to be banned. Cryptocurrency Ban in Nigeria – History, Implication, and Effect. Why Cryptocurrency Black Market Is Booming In Nigeria. Yes, you can now trade cryptocurrency in Nigeria without receiving a warning or even a restriction on your account as some banks warned their customers before now. Nigeria remains a big player in cryptocurrency transactions globally, with many turning away from the traditional system of banking. ... Cryptocurrency Nigeria dwarfs Africa in Bitcoin P2P amid CBN crypto ban. Many wonder what the benefits of cryptocurrency are to the Nigerian economy, wondering why the use of digital currencies isn’t legalised by the country’s apex regulator. The apex bank gave the explanation in a statement on its official website, by Mr Osita Nwanisobi, Acting Director of Communications. SEC approves cryptocurrency trading in Nigeria. Bitcoin was also very popular for individuals who wanted to get involved in a Ponzi scheme called MMM (Mavrodi Mondial Moneybox). The attention of the Central Bank of Nigeria (CBN) has been drawn to various comments and reactions following our recent reminder to Deposit Money Banks (DMBs) to desist from transacting in / and with entities dealing in cryptocurrencies. The governor of Nigeria’s Central Bank seems to have relaxed his position on cryptocurrencies for people, if not banks. There are many misconceptions that surround digital trading and currencies, to try to explain, I have browsed through notes by Investopedia and Wikipedia who had some very interesting things to … With over 11 % of Nigeria’s Internet subscribers involved in crypto, Nigeria has been ranked 5th in the world by Arcade Research. It’s no longer news that the Central Bank of Nigeria popularly called CBN has placed a ban on cryptocurrency in Nigeria. Cryptocurrency News today play an important role in the awareness and expansion of of the crypto industry, so don’t miss out on all the buzz and stay in the known on all the Latest Cryptocurrency News. Nigeria's former minister of education, Dr. Oby Ezekwesili has shared her thoughts on how the Central Bank of Nigeria (CBN) should have handled its recent ban on cryptocurrency transactions. The securities regulator also stated that, as a result of a CBN directive released on February 7, 2021, the crypto guidelines issued in September 2020 are still in effect. The clarification was made in view of recent insinuations that the company sells cement in Nigeria at significantly higher prices relative to other countries, particularly Ghana and Zambia. Peer-to-Peer trading and local cryptocurrency companies became a major alternative for cryptocurrency traders. The trending news in the cryptoverse is the successful direct listing of Coinbase on the NASDAQ, which happened on Wednesday, 14th April 2021. The … Recent events however continue to suggest that cryptocurrency is largely embraced as Nigeria remains the largest source of bitcoin trading in Africa. It’s no longer news that the recent CBN reminder restricting Nigerian financial institutions from Bitcoin and other Crypto assets have started to spur negative effect in the crypto industry when considering the cost of buying the world’s most popular cryptocurrency at Africa’s largest crypto market. A clear example of the hurdle being the recent intervention by the agencies of the Federal Government of Nigeria in the areas of FINTECH and Cryptocurrency. Earlier last month, the Central Bank of Nigeria announced in a circular that it had placed a ban on financial institutions from facilitating cryptocurrency-related transactions. 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