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

[Kingsley]

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?

 

[Kayzzy3]

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?

Well if you have been following recent trends and listened to the latest from the CBN Governor, you will know why we are hopeful that things will look up very soon for cryptocurrencies in Nigeria.

The governor have been persuaded to see positives from cryptocurrencies and he has said the country may soon launch their own cryptocurrency.

 

[Fizzy_boi]

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 frank with you I think the country already even forgotten it did barn the crypto currency stuff .I can say exactly when they will remember it and remove the ban.

 

[Kingsley]

To be frank with you I think the country already even forgotten it did barn the crypto currency stuff .I can say exactly when they will remember it and remove the ban.

You are right the country has really moved on and forgotten the whole story about the ban on crypto. Nigerians are truly talented and gifted they really know how mange messed up situations and turn it again to their own favour. But I just hope thr government will change it mind and lift the ban.

 

[FreshKaz11]

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?

The federal government is just disturbing himself because if you notice nobody do complain about lifting the ban on crypto currency, because transaction still continue on a low key at the end tho.

 

[Bookwormlux]

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.

 

[Eodine]

The Nigerian government need to settle down and realize who really placed the ban as they are still not forth coming about it then learn of its advantage before they can know how to lift the ban.

 

[Niftyyem]

I do hope that it happens very soon. The p2p is great but it would be nice to be able to buy crypto and withdraw directly to my bank account straight from the exchange platform.

 

[Ralphjoe]

There are some indications that the Nigerian government will soon lift the ban on cryptocurrency transactions in the banking sector as the Nigerian securities and exchange commission are already making a framework to be regulating the cryptocurrency world.

 

[Kunkun]

Sooner than later I hope but I doubt that's happening anytime soon because this current administration is intent on stifling anything growth and development in the country

 

[Jlife]

Whatever they like to do they should just go ahead and do it because it is none of my business, I do not even see the need they have banned cryptocurrency because cryptocurrency as never in any way be an hindrances to the government.

 

[Justin]

Central Bank of my home country has also banned crypocurrency. It was banned 2-3 years ago and people have been thrown into jail for mining and trading operation.

 

[IamDozzy]

There are some indications that the Nigerian government will soon lift the ban on cryptocurrency transactions in the banking sector as the Nigerian securities and exchange commission are already making a framework to be regulating the cryptocurrency world.

I think this would be the best because a lot of cryptocurrency wallet do not have the P2P platform for exchange of crypto to Fiat currency and as a result of this , some people are finding it difficult to access their wallets. Hopefully, by this time next year the ban would have been lifted up.

 

[Ralphjoe]

I think this would be the best because a lot of cryptocurrency wallet do not have the P2P platform for exchange of crypto to Fiat currency and as a result of this , some people are finding it difficult to access their wallets. Hopefully, by this time next year the ban would have been lifted up.

The acclaimed banning of the cryptocurrency transactions in the banking system has really benefited me because I now get very high exchange rate when I sell my cryptocurrency using the peer-to-peer feature on the binance app.

 

[GIFTMICHAEL]

Remember anything that has to do with decision making in Nigeria is final, no going back. This one looks like an indefinite time, only time will tell if they'll reconsider it or not.

 

[ahmedo24]

Remember anything that has to do with decision making in Nigeria is final, no going back. This one looks like an indefinite time, only time will tell if they'll reconsider it or not.

It is not final decision, if you have been following cryptocurrencies updates in Nigeria you will discover that CBN is currently working on how they can adopt cryptocurrencies.

 

[GIFTMICHAEL]

It is not final decision, if you have been following cryptocurrencies updates in Nigeria you will discover that CBN is currently working on how they can adopt cryptocurrencies.

That's pretty cool, if they'll adopt crypto as means of profitable investment option than banning it. I don't follow up news all the time cos of my busy offline schedule.

 

[ahmedo24]

That's pretty cool, if they'll adopt crypto as means of profitable investment option than banning it. I don't follow up news all the time cos of my busy offline schedule.

Alright, recently the CBN governor said the the central bank had set up committee already working on the legalization of cryptocurrency in the country.

 

[GIFTMICHAEL]

Alright, recently the CBN governor said the the central bank had set up committee already working on the legalization of cryptocurrency in the country.

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.

 

[ahmedo24]

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.

Offcourse the government would have to regulate the activities and also ensure the exchange platforms are registered and kyc is enforce to avoid money laundering.