When will the CBN lift the ban on crypto currency in Nigeria?

[Niftyyem]

The centralmbank of Nigeria have not still made any direct statement as tothe fate of the cryptocurrency ban situation in Nigeria till today. Even if the come up with this their digital currency which isn't going to be a cryptocurrency, that will still be a problem

I would have expected them to have updated us on their stand but with the frozen accounts of fintechs, I think they are still very much against Cryptos since they claimed that dealings in Cryptos was part of their offences.

 

[eLdavis]

I would have expected them to have updated us on their stand but with the frozen accounts of fintechs, I think they are still very much against Cryptos since they claimed that dealings in Cryptos was part of their offences.

I don't even expect any updates from them anytime soon, for now they have no plans in lifting the ban from crypto, the major problems of the country that they are suppose to deal with, they have left it undone.

 

[Hena101]

A lot of us have already moved on and the peer to peer market place has made everything completely fine for all of us. I don't think I need the CBN to lift the ban on crypto currencies again.

Yeah we are doing well with peer to peer but we still need the CBN to lift the ban so that we can continue with direct transactions without intermediate.

 

[Emmy]

The battling of implementing their CBDC does not allow CBN to ever think of lifting the ban. The invention of their own digital currencies fill their mind. However, we are even OK with pear to pear transactions. I'm already adapted to the exchange rate.

 

[Setho]

With the reasons that they give for the band I do not see that they are going to be leaving it anytime soon so it is better that you should just get used to peer-to-peer method.

 

[Victorial]

The government cannot stop placing ban on anything that the youth find doing. The only hope is when there is a change in government. We are like this until 2023. Right now we need to continue to use other alternatives we can find.

 

[Oliver4smile]

Lifting of ban on crypto currency in Nigeria is still funny to me, people are still using crypto currency even though they have banned it so I don't really see that as a ban and more so I have heard a lot from the government that CBN will lunch it's one crypto currency very soon maybe later this year.

 

[mcjerry]

I pray that Nigeria government should lift the ban on crypto currency very soon because to exchange crypto currency to naira and withdraw it nowadays is not easy as before that we use luno. But I know that they will not have a choice that to unban it soon because of how big business men and countries are now on crypto currency

 

[Setho]

With the reasons that they give for the ban I do not see that they are going to be lifting it anytime soon so it is better that you should just get used to peer-to-peer method without involving banks

 

[Kelly5]

It looks like something they will not want to do openly anyways. They are always afraid of how cryptocurrency will make most people rich. Let's wait and see how this goes

 

[Dowenship]

Yeah! Maybe there are some background discussions ongoing but I think that the ban may last way longer than we initially thought since it seems less voices are speaking about it now.

Chai... this is really disheartening to be frank with ourselves.... But if truly they want to move forward this is a must do for them in anyways.

 

[ahmedo24]

I care less if the country lift the ban or not provided Peer to peer transactions exist and I am able to trade cryptocurrencies conviniently. I won't be surprised to see firms and banks resuming activities without the ban been lifted.

 

[GoldenLady]

With the ban placed on the transactions on crypto currency in Nigeria by the CBN it became difficult for Nigerians to access their funds in their wallet, so novice needs to higher to people to help them withdraw through the p2p system because they have no idea of how the p2p works.

Some exchange platform like Luno doesn't seem to have that feature making it very difficult for people using such platform because they will need to first transfer their coin to a platform where p2p is functional and this comes with an additional cost.

Again I noticed that the exchange rate varies on several platforms in some platforms just like the Luno platform the dollar to naira exchange rate is far higher than the regular exchange rate on other platforms, if the ban is lifted people trading on Luno can withdraw directly and make the additional advantage on the Luno platform rather than losing it by using the p2p.

What is your take on this?

Luno doesn't seem to use the official exchange rate. I believe that's one of the things that's placed this wallet at a disadvantage. No one will want to buy the dollar at almost twice the exchange rate when it's available cheaper elsewhere.

 

[Kingstone]

The only hope we have now is that there should be a change in government. There is no hope in this current government. They will continue to ban everything useful to the masses.

 

[Josemendez]

The only hope we have now is that there should be a change in government. There is no hope in this current government. They will continue to ban everything useful to the masses.

Whether there is a change in government or not , I am quite confident that peer to peer will help us to withdraw our profit and buy coins as well. We don't necessarily need them to lift it again

 

[eLdavis]

Whether there is a change in government or not , I am quite confident that peer to peer will help us to withdraw our profit and buy coins as well. We don't necessarily need them to lift it again

Right now peer to peer has become the savior of those into crypto within the country. This is the main reason why no one cares about what the government decides

 

[Minister]

With the ban placed on the transactions on crypto currency in Nigeria by the CBN it became difficult for Nigerians to access their funds in their wallet, so novice needs to higher to people to help them withdraw through the p2p system because they have no idea of how the p2p works.

Some exchange platform like Luno doesn't seem to have that feature making it very difficult for people using such platform because they will need to first transfer their coin to a platform where p2p is functional and this comes with an additional cost.

Again I noticed that the exchange rate varies on several platforms in some platforms just like the Luno platform the dollar to naira exchange rate is far higher than the regular exchange rate on other platforms, if the ban is lifted people trading on Luno can withdraw directly and make the additional advantage on the Luno platform rather than losing it by using the p2p.

What is your take on this?

Even under the ban, Men are still cashing out from there. Our country knows nothing about technology

 

[Queentener]

With the ban placed on the transactions on crypto currency in Nigeria by the CBN it became difficult for Nigerians to access their funds in their wallet, so novice needs to higher to people to help them withdraw through the p2p system because they have no idea of how the p2p works.

Some exchange platform like Luno doesn't seem to have that feature making it very difficult for people using such platform because they will need to first transfer their coin to a platform where p2p is functional and this comes with an additional cost.

Again I noticed that the exchange rate varies on several platforms in some platforms just like the Luno platform the dollar to naira exchange rate is far higher than the regular exchange rate on other platforms, if the ban is lifted people trading on Luno can withdraw directly and make the additional advantage on the Luno platform rather than losing it by using the p2p.

What is your take on this?

To be sincere I don't think this present government are ready to do anything about the ban of the cryptocurrency in the country for a government that could ban Twitter knowing fully well that there are millions of youth who earn their living through that source then what can't they do.

 

[Heatman]

When the Central Bank of Nigeria is already planning on developing their own cryptocurrency and pushing it into the market for their citizens to make use of shows you that they cannot actually ban cryptocurrency in the country hundred percent.

 

[BrolySSJ]

When the Central Bank of Nigeria is already planning on developing their own cryptocurrency and pushing it into the market for their citizens to make use of shows you that they cannot actually ban cryptocurrency in the country hundred percent.

This is true, as there are always ways that you can access the cryptocurrency sites, however if they stop its use then it will not have any value in the country at all. This is what china did in my opinion.