Two weeks ago, the Central Bank of Nigeria (CBN) requested that banks and other financial institutions close the accounts of cryptocurrency exchanges in the country, causing a ruckus. Its reasons (which have since been countered) were focused on how crypto is used for fraudulent purposes and the anonymity of crypto users. It’s important to note […]
Barely two weeks after the Central Bank of Nigeria banned the activity of cryptocurrency traders in Nigeria, we’re now seeing a trend of Bitcoin trading at a premium in Nigeria.
On the 5th of February, the Central Bank of Nigeria (CBN) sent out a circular to commercial banks reminding them that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited” and ordering them to close any accounts transacting with cryptocurrencies. Two days later, the CBN followed up with a statement clarifying their reason […]
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.
The Sub-Saharan African sub region is seeing an unexpected increase in the use of cryptocurrency.
What is driving this adoption and what countries in the sub-region are at the forefront of the explosion?