Bitcoin

The central bank of Nigeria is not stopping people from trading cryptocurrencies, says its governor

Godwin Emefiele, Governor of the Central Bank of Nigeria who previously banned national banks from serving cryptocurrency exchanges and apparently clarified the position of the highest monetary authority on the use of cryptocurrencies in the country.

According to the local media TodayNG, the Deputy Governor of the Central Bank of Nigeria or CBN, Adamu Lamtek, said on behalf of Emefiele that The bank had not banned Nigerian residents from buying, trading or selling cryptocurrencies, but “[protegía] to the banking sector of cryptocurrency activities. “ Lamtek spoke at a seminar for financial correspondents and business editors in the capital, Abuja.

“The CBN has not restricted the use of cryptocurrencies, and we are not stopping people from trading them.” Said Emefiele. “We just banned cryptocurrency transactions in the banking sector.”

The central bank of Nigeria is not stopping people from trading cryptocurrencies, says its governor
The central bank of Nigeria is not stopping people from trading cryptocurrencies, says its governor

The statement follows the CBN, which announced in a circular last month that It had banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country. The ban ordered all commercial banks to close accounts of cryptocurrency exchanges and other companies that conduct cryptocurrency transactions in Nigeria and warned against it “Severe regulatory sanctions” for any institution that violates the law. Some account holders of the Access to the bank from Nigeria reported that their accounts have been closed.

Emefiele previously referred to cryptocurrencies as “illegitimate money”. that has no place in the Nigerian monetary system. The governor said at the time that the central bank was using its due diligence to better understand the implications of the space being created.

However, many regulators and crypto enthusiasts in Nigeria criticized the ban. Some lawmakers from the Nigerian Senate they suggested Invitation of the Governor of the Central Bank of Nigeria and key players in cryptocurrency to a hearing to discuss issues related to the regulation of cryptocurrencies in the country.

Since the CBN introduced the ban on cryptocurrencies, the price of Bitcoin (BTC) has been trading at a premium in the country. At $ 57,349 in the US, data from Crypto Exchange Luno shows that BTC in Nigeria has risen to a premium of more than 70% and is priced at $ 97,509.

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