Bitcoin, Ethereum, Doge Coin,Algorand, Stellar, etc are now prohibited in Nigeria according to CBN letter slatted for 5th Feb 2021.
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
The new regulations mean that you will not be able to use a card from a Nigerian bank or any other financial institution in the country to process any transactions on a crypto exchange. In a nutshell, while virtual currencies remain legal, trading them through an exchange in Nigeria is near impossible.
The new rules also asks banks to identify “persons and or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”
See Letter And Post Below:
#CBN prohibits regulated institutions from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges…https://t.co/OQ6MvQB8O1
— Central Bank of Nigeria (@cenbank) February 5, 2021
This is not the first time that the CBN would be showing its disdain for cryptocurrency. In 2018, the apex bank issued a circular to say cryptocurrencies are not legal tenders in Nigeria.
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“For the avoidance of doubt, dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law. Virtual currencies are traded in exchange platforms that are unregulated, all over the world.
In recent years, cryptocurrency in Nigeria has gained weight as most young people have been investing in the cryptocurrency world, buying and selling bitcoin and making profit for themselves.
