Monday, Jun 14th 2021 2:22 PM

Market Digest Nigeria


CBN hints it may allow Nigerians trade cryptocurrency


Four months after ban, CBN hints it may allow Nigerians trade cryptocurrency


The Central Bank of Nigeria (CBN) might lift the ban placed on cryptocurrency after the governor, Godwin Emefiele, hinted at allowing the digital currency in the country.

This new position is coming almost four months after the financial regulator clamped down on cryptocurrency exchanges, and asking closure of bank accounts connected to crypto.

The ban was enforced right when bitcoin, the most popular cryptocurrency in the world, was booming in the country following the ENDSars protest which generated funds through fiat and bitcoin.

Despite describing the digital asset as a currency used for illegal activities such as terrorism, Emefiele, on Tuesday, said the CBN will allow the digital currency to come alive in Nigeria.

During the CBN monetary policy meeting, Emefiele said, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”

He said investigation has been carried out, and substantial percentage of Nigerians are in the cryptocurrency community, even though large portion of the transactions are for criminal activities.

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