The Central Bank of Nigeria ordered banks to close accounts used in crypto trading in February. More than a month later, it remains the hottest digital asset blockchain news in the country. Nigerians have since adjusted to CBN’s ruling. However, the crypto climate has yet to settle and talks about the direction of Nigeria’s crypto trade continue.
Nigeria Is Open Crypto Trade, the CBN Clarifies
Nigerians are free to buy, sell, and use bitcoin and other cryptocurrencies. CBN clarified that the ruling only banned trade within the banking system at a seminar organised by the bank in late March.
Furthermore, the CBN cleared up that the order was for protecting the banking sector, not an outright ban. The CBN claims that it only reiterated an existing ruling imposed in 2017. Because of this, Nigerians can continue trading cryptocurrencies without fear, but most still do not trust the CBN’s statements.
Nigeria Needs to Regulate, Not Ban, Cryptocurrencies, Says Nigerian VP
Nigeria is one of the biggest bitcoin markets in the world, second only to America. Many Nigerians have turned to digital asset management in a challenging economy. As a result, the ban triggered a severe backlash.
In response to the CBN’s ruling, Vice President Yemi Osinbajo announced that he does not support a crypto ban. In fact, he urged Nigeria’s central bank and securities regulators to find ways to regulate digital assets. Osinbajo also recommended that they develop a plan that supports growth.
Unfortunately, cryptocurrency websites report that the CBN is not the only institution to move against the country’s cryptocurrency trade. Similarly, the Securities and Exchange Commission (SEC) wanted to regulate digital investments because they qualify as securities transactions.
Specifically, the CBN is against cryptocurrencies because they come from unregulated parties, apparently making them risky to use. Likewise, SEC cited similar dangers to support its move to regulate digital assets.
While Vice President Osinbajo acknowledged these risks, he continues to cite the fact that crypto trade creates progress. He said that cryptocurrencies will challenge traditional banking, so Nigeria should be prepared for the shift as early as now.
A Look at Cryptocurrency in Nigeria Today
Many Nigerians have lost faith in most traditional forms of investment. Over the years, prices rose as the naira’s value fell, making alternative assets extremely attractive. As a result, many turned to crypto trading, leaving behind traditional investment tools and their meager returns.
Despite its economic climate, Nigeria remains one of the richest countries in Africa. Thanks to the blockchain, some of this is thanks to Nigerians trading around $600 million in bitcoin in the last five years.
Despite its economic climate, Nigeria remains one of the richest countries in Africa. Thanks to the blockchain, some of this is thanks to Nigerians trading around $600 million in bitcoin in the last five years.
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