The Central Bank of Nigeria apparently has no problem at all if the country becomes a so-called Bitcoin Nation and recently clarified that rumors of a general crypto ban were nothing more than a misunderstanding.
According to a report published by the local newspaper Today Ng, the central Bank did nothing but to draw a line between crypto related banking activities and the use of cryptocurrencies by the population.
In other words, in Nigeria traders have total freedom to transact with crypto as long as they are not being used for blatantly illegal purposes.
Crypto is Not Banned in Nigeria and It Is OK To Trade
Adamu Lamtek, the Bank’s Deputy Governor, made the clarification while speaking on behalf of Godwin Emefiele, governor of the Bank at the 30th seminar for Finance Correspondents and Business Editors; Lamtek explained:
The CBN did not place restrictions on the use of Cryptocurrencies, and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.
The explanation comes in response to a wave of nervousness and speculation that developed in the country after a letter issued by the Central Bank of Nigeria instructing all banking institutions in the country to close any type of account used by persons operating or using crypto exchanges services started to spread around news sites and social media.
The Memo BSD/DIR/GEN/LAB/14/001 was signed by the Director of Banking Supervision and published on …
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