Nigerian senators have reacted to the current ban on cryptocurrency trading in the country by the Central Bank of Nigeria (CBN). On one hand, a cross-session of the lawmakers are of the opinion that cryptocurrencies have made the Nigerian currency useless, but on the other hand, some think there are huge economic opportunities there, hence […]
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.
Will it stifle innovation? Nigeria’s Central Bank’s draft regulations for a sandbox for fintechs is a familiar mix of flexibility and rigidity
There is a lot of uncertainty at the moment about the fate of fintech businesses in Nigeria and most of it rides on this piece of regulation.
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