The central bank of Nigeria says the cryptocurrency ban is not new and will not hinder the development of the country's tech finance and payments ecosystem
The Central Bank of Nigeria (CBN) clarified its stance on cryptocurrencies in a five-page statement released on February 7, according to Blockbeats. Said in a statement, CBN, after about "require financial institutions closed bank accounts associated with the encrypted currency" letter is just a reminder: encryption currency is not legal tender in Nigeria, and reiterated that the bank has held since 2017's position is banned all the country's Banks to use encryption, possession and exchange currency, so the letter did not impose any new restrictions on encryption currency.
Following the CBN's letter, angry Nigerian cryptocurrency users took to Twitter and other social media platforms to express their frustration, while Binance and local e-payment app Bundle also suspended Nigerian fiat currency deposits.
In its statement, CBN claimed that the stance would not hinder the development of the country's fintech industry or its payment ecosystem. In addition, the Agency will continue to do everything within its regulatory authority to educate the Nigerian people to stop using cryptocurrencies and to protect its financial system from the activities of fraudsters and speculators.
Further reading:Central Bank of Nigeria: Financial institutions need to close cryptocurrency-related bank accounts immediately
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