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

  • Thread starter Thread starter Kingsley
  • Start date Start date
With the way the Federal Government of Nigeria and the Central Bank of Nigeria is going against the use of cryptocurrency in the country is going to affect any policy they have for the use of cryptocurrency in the country.
 
I'm not thinking about the CBN government lifting the ban or not I'm simply settled with my P2P method to transact crypto.
 
They didn't ban cryptocurrency per say but placed a limit on banks preventing one from doing such transactions with the bank to safeguard the naira. Moreover cryptocurrency can be an easy opportunity for money laundry hence needs to be regulated.
 
The problem the government literally have on cryptocurrencies is because, it's decentralized. They want a kind of system where it would be centralised so they will use it for their own selfish interests. Currently, they've launched the e-naira into the digital system.
 
I hope sooner rather than later, but I doubt that will happen anytime soon because the current leadership is hell-bent on suffocating the country's growth and progress.
 
The truth is I don't see Nigeria government lifting the ban on cypto currency anytime soon, what the government is meant to focus on they don't but what will bring development and growth they will do all to kill it or take it down
 
I didn't even know that the government have not lifted the bank on crypto currency up till now. I feel they would lift the ban some because they'll start to realize that crypto currencies are doing more good than harm.
 
Let's hope that the ban on cryptocurrency in this part of the world would be lifted soon. The CBN officials are beginning to see reasons to adopt digital currency.
They may even come up with their own cryptocurrency.
Kingsley said:
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?
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Toyoabasi said:
Let's hope that the ban on cryptocurrency in this part of the world would be lifted soon. The CBN officials are beginning to see reasons to adopt digital currency.
They may even come up with their own cryptocurrency.
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They already came up with their own from of crypto currency, a stable coin called enaira, the coin was ment to be launched October 1st but knowing Nigeria, they had some reasons as to why it could not be launched. The date was shifted till further notice.
 
eLdavis said:
They already came up with their own from of crypto currency, a stable coin called enaira, the coin was ment to be launched October 1st but knowing Nigeria, they had some reasons as to why it could not be launched. The date was shifted till further notice.
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Really?
I am just getting to know of that.
That is a good step then, I am hoping that enaira would be of very good value.
 
Let see how the e-Naira will take form weather it will contain wallet adress or not, perhaps it can be traded online with other countries currencies, if it comes out with wallet, it wouldn't be to far before they will lift the ban
 
Toyoabasi said:
Really?
I am just getting to know of that.
That is a good step then, I am hoping that enaira would be of very good value.
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Indeed it is a good step but when it comes to anything related to Nigeria and it's government, I do not believe anything they say until they finally do it. They tend to make promises that they are not able to keep.
 
I don't think the Central Bank of Nigeria will lift the ban on cryptocurrency. Since they have also launched the electronic version of naira, they may not thinking of lifting the ban anytime from now.
 
The Central Bank of Nigeria to ban cryotocurrency is indefinitely. We face many challenges by the ban of cryotocurrency in Nigeria and I don't think if they will lift up the ban.
 
The fact is many Nigerians have moved on and they are not even concerned whether government or the CBN lift the ban or not. Since there are other ways of doing the crypto trading without the CBN.
 
Immilash said:
The Central Bank of Nigeria to ban cryotocurrency is indefinitely. We face many challenges by the ban of cryotocurrency in Nigeria and I don't think if they will lift up the ban.
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Whatever they are Trying to do is none of my business ,at least there is p2p that we can be able to use to transact any cryptocurrency to our bank accounts. the Nigerian government doesn't want us to succeed, they just believe that people are the causes of their difficulty.
 
GIFTMICHAEL said:
That you know will be a welcomed one, and it will boost our economy if it is welcomed back, and our govt do the needful to protect it's crypto transactions from being marred by fraudsters.
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Lifting the ban on the use of crypto currency coin in Nigeria will be a great development which will boost our economy, all the government need to do is to investigate on how to legalise and protect crypto currency.
 
It is more than two years ever since the ban on cryptocurrency was initiated and up to now there is no plans or preparation to lift the ban. The time this will happen is not yet known
 
This happens a long time, seems like they are not having any plans for lifting the bans, I don't know their reasons for baning cryptocurrency but that's very bad.
 
Immilash said:
This happens a long time, seems like they are not having any plans for lifting the bans, I don't know their reasons for baning cryptocurrency but that's very bad.
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According to information , they were trying to say that cryptocurrency are being used by fraudulent people to scam others , since in cryptocurrency every transaction occuring in the blockchain technology cannot be easily monitored . That is why they asked all financial institution to disassociate themselves from cryptocurrency.
 
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