Cryptocurrency Ban in Nigeria: What you should know and what you should do
On Friday, February 5, 2021, the Nigerian government through its central bank banned banks and other financial institutions in the country from dealing with cryptocurrency service providers, exchanges and individuals dealing with cryptocurrency services. The information also states that banks should identify these persons and close the accounts.
The reasons given by the CBN for issuing the guidelines were high currency volatility, terrorism financing and decentralization.
This ban means that you will no longer be able to access your Exchange wallet directly from your bank account (or using your debit/credit card in Nigeria). This directive does not affect the withdrawal of funds from the exchange platform. However, the withdrawal will take longer.
Related Post: Making daily profit from Bitcoin trading on Luno
The CBN's directive does not directly ban Bitcoin or other cryptocurrencies, but prohibits banks from doing business with cryptocurrency exchanges and intermediaries. The CBN cannot suspend cryptocurrency because it is decentralized and the backbone of the internet.
All funds in any exchange portfolio are safe. According to statements by Luno and Binance , normal trading activity will continue as before and the declines will not be affected, but will last longer. At the time of writing this report, all naira deposit methods have been disabled on all exchange platforms. The exchange platform promises to lift the ban to bring your cryptocurrency experience back to normal.
So I advise you not to panic as your money is safe. You can continue your trading activity. Peer-to-peer trading can now help you add funds to your portfolio.
Bitcoin hit ₦19,000,000 on Luno today due to CBN ban not affecting Bitcoin trading. If you do it professionally, trading guarantees a stable cash flow.
If you want to learn how to trade professionally, click here .
On the other hand, another cryptocurrency that works very well is Dogecoin. Dogecoin is up 1500% in the last 7 days and counting.
The whole world is accepting cryptocurrencies. Yesterday , Tesla CEO Elon Musk announced that his company will start accepting cryptocurrencies as a means of payment .
As a result, Bitcoin and other cryptocurrencies remain and no government can bring them down. Cryptocurrencies are a way to redistribute wealth and make an honest profit. Please do not panic about withdrawing your money as your funds will be safe.
We believe that CBN and FG will soon realize this fact and regulate money exchange in the country instead of banning it to make it safer for citizens.
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