Nigeria Government Bans Cryptocurrency

Nigeria Government bans cryptocurrency trading in the country. This was made known today by the letter sent from the central bank of Nigeria, CBN to all regulated banking institutions who process, approves, and facilitates cryptocurrency trading in Nigeria.

The statement in the letter reads below.

Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for a cryptocurrency exchange is prohibited.

“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

What this simply means is that, if you are trading in Nigeria, and you order your broker company like Binance, luno or quidax or even paxful to pay you for some bitcoin you sold to them, the broker will of course issue the order to the bank through flutter wave, but your bank might not process this order, as the instructions by CBN said. Or the bank in question can flag your account and you might be blocked by the bank.

If this happens, the only solution now is to sell and buy from people you know, you send them the coin to their wallet, they send you the cash through a bank transfer or even cash.

Many people will want to sell their coin because of the tension, but be sure that if you buy any coin now and hold it until when this government steps down and then a New Government comes into power, they can still review it. and by then the value of the coin will be awesome.

It will also note that such news has trended in the past with no real actions against it. This is just a way to keep millions of people in poverty, Nigeria governments are very terrible.

Be your own adviser. Stay sharp.