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Nigeria’s Central Bank did not Prohibit Residents from trading in Crypto

March 23, 2021

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Nigeria’s Central Bank did not Prohibit Residents from trading in Crypto

The official of Nigeria’s Central Bank(CBN), Godwin Emefiele, reiterated that CBN did not ban individuals from trading crypto. Back on February 5, 2021, The CBN ordered all banks to immediately cancel their services for customers who trade cryptocurrencies.

This report comes from Nigeria local media Today NG. It quoted what Adamu Lamtek said. Lamtek stated on behalf of Godwin Emefiele, Deputy Governor of the bank.

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

Lamtek proclaimed this in Abuja at the 30th seminar for Finance Correspondents and Business Editors.

According to this statement, it sent some important message to Residents in Nigeria:

  • The restrictions only apply to the financial institutions. They can’t take part in crypto activities.
  • the CBN did not ban people from trading in crypto.

Even though the regulatory uncertainty, It is still good news to peer-to-peer market. Nigeria’s residents can continue to buy and sell Cryptos.

Replace of crypto ban, the price of Bitcoin still rose. It valued at $54696.52 presently.

 

You May Like: Check today’s Bitcoin price in Naira or USD.

 

Meanwhile, Our platform, CoinCola is the most popular peer-to-peer exchange market in Africa. We always support trading coins in Nigeria, and you can trade with Chinese trader on it.

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