Central Bank of Nigeria bans banks from servicing crypto exchanges

[Achawaskey]

This is very bad for those young guys that are doing business in cryptocurrency. I believed Central Bank of Nigeria really know what they are doing because this single act will lead to loss of jobs. Let's quit and see what in a few days time.

 

[Dubai]

Central Bank of Nigeria bans banks from servicing crypto exchanges

Nigeria's central bank has banned financial institutions from rendering services to crypto exchanges.

cointelegraph.com

CBN instructs banks to close accounts related to Crypto

The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto

nairametrics.com

Has the above news affected any of our Nigerian Members? If so, I would imagine there are ways around this so to not have issues.

As a Nigerian, I am not surprise about this move of the central Bank. Being the second biggest cryptocurrency trading nation, the government thinks that hurting growth of the digital currency would help the local naira in value. Many people do not need the services of bank to make crypto deals in Nigeria.

 

[Kayzzy3]

Central Bank of Nigeria bans banks from servicing crypto exchanges

Nigeria's central bank has banned financial institutions from rendering services to crypto exchanges.

cointelegraph.com

CBN instructs banks to close accounts related to Crypto

The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto

nairametrics.com

Has the above news affected any of our Nigerian Members? If so, I would imagine there are ways around this so to not have issues.

It hasn't amd wouldn't affect us, this very unfortunate for the government and the Apex bank, they are just throwing tantrums due to how the youths used crypto Currencies to fund a protest that shook the country.

This regulation is for DMBs and other financial institutions, it's no of my business, I will continue doing my crypto.

 

[tuna89]

For more information, you need not expect anything good from the Nigerian Government, they do not make life easy for citizens, neither would they allow the common man to hustle and live a better life, i hope in one way or the other i would be able to buy and sell crypto with any of the exchanges, this is a very bad news, sincerely.

 

[Joseph555]

After hearing this news I laugh at the level of selfishness and backwardness in my country I'm not surprised according to Donald Trump, Nigeria is I hope you know what that means you should not expect me to say everything how can you ban what is giving people joy who on Earth does that

 

[GoldenLady]

This is not good news. Nigerians are known to be one of the largest dealers of cryptocurrency.

Nigerians will have to look for alternative ways to get their funds from cryptocurrency exchanges.

 

[Ltherman]

This will only enable the Peer to peer market to flourish which is what we were use to before the organized exchanges came on the scene which made the transactions much more seamless. There will definitely be innovation round it. Already people are looking into other alternatives like making use of PayPal.

 

[Conorj]

please guys those this means we can't use our local Exchangers to make a withdrawal to our local bank account again? please guys i don't really understand.. am really confused now?

 

[Oyeleye42]

The Central Bank of Nigeria (CBN) has ordered all banks to close any accounts transacting with cryptocurrencies. The CBN said it was reminding regulated banking institutions that "dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

 

[Kinglegend01]

Yeah I saw this somewhere too, like seriously I dont understand why this particular step is been taken. Fine I understand that the cryptocurrency with its untraceable and protected features makes it a useful means for transactions to be done by evil doers and bad people but then alot of us that are completely innocent of these are also goon to be suffering from this new policy.

 

[KvngMurphy]

This is a bad step taken by the Nigerian Government as Nigeria is the second largest user of crypto currency in the world after United States of America. However, Different crypto currency exchange platform have issued out memo to Investors that they are still reviewing the situation so we are still awaiting their further action as regards the new policy from the government.

Seriously Bro, who did we offend in this country?
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A very bad step by the government really. I don't know why our leaders doesn't want the success of it's citizens and it's not cool at all. How can they see an investment that will shapen an economy and instead of investing massively in it they decided to ban it. Only God can save us from their ploys because it doesn't eco well at all but either ways, we move.

 

[Halexcity]

The federal government as ban the buying and selling of crypto on from bank. That those not means crypto is ban in Nigerians are still trading in crypto do I don't need there is need for any panic. No body can ban crypto so far investors are not investing in it again and for Nigerians wallet to wallet is allow.

 

[Aniwhyte]

I was really so very down and sad when I got the news, it is really so pathetic. How could they wake up one morning and decided to ban cryptocurrency in the country, there are more pressing economic issues to tackle but they choose to make life hell for the citizens, I'm seriously praying and hoping for this decision to be reversed. I have already withdrawn all my savings from luno and banance and received the money to my local bank account, this is really so painful.

 

[tublack]

Nigerians are really smart people, I am sure manuevering will be In motion as we speak. The only weapon the government have over Nigeria is poverty, they banned crypto thereby sharpening their weapon. They are not good people
At all

 

[Michaellee]

I am not surprise at all. In fact I have been expecting this kind of news. CBN has seen the length at which cryptocurrency is going , and it won't pay them at all. They know that they won't be able to monitor transactions on cryptocurrency. They have no control over cryptocurrency, it is totally decentralized.

 

[Kelvin7656]

The Nigeria government is really not in the right frame of mind in placing a ban on crypto currency when most countries are already using it to transact business and do trading activities. They are such a foolish and stupid leaders because it shows they don't care abt the masses.

 

[Profwriter]

I see that there is a new development to this effect and that the ban on cryptocurrencies in Nigeria has been lifted. We just experience what I can call policy somersault and that's Nigerian government for you.

Let's not insult our leaders, I know how bad we felt when we heard the announcement but God will help us out.

 

[Tundeoguns1]

I had about the trend that central of Nigeria (CBN) has banned financial institutions and all other Banks from rendering services to crypto currency exchange and investment. Well if that is true it might lead to a riot in the country because alot of people have invested alot in crypto currency and now the CBN now want to block it. It will not be taken lightly by the investors and traders.

 

[Thosynho]

Central Bank of Nigeria bans banks from servicing crypto exchanges

Nigeria's central bank has banned financial institutions from rendering services to crypto exchanges.

cointelegraph.com

CBN instructs banks to close accounts related to Crypto

The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto

nairametrics.com

Has the above news affected any of our Nigerian Members? If so, I would imagine there are ways around this so to not have issues.

We are yet to confirm its effect probably tomorrow when we receive our withdrawal and then exchange it. But could there be any way bizdustry can assist Nigeria subscribers in getting paid in our local currency Naira?

 

[Godleads1]

I feel CBN didn't weigh the matter very well. I see this issue as just jumping into a harsh conclusion. Most people all over the world are into online business and the crypto is a good way of getting their cash withdrawn. The CBN and the Nigerian government should reconsider.