Reportedly, The Governer of the Central Bank of Nigeria, Godwin Emefiele who was represented by Adamu Lamtek said the banking sector ban on servicing cryptocurrency exchanges as Blockfinest previously reported, was to protect the banking sector from activities of cryptocurrencies and not a ban on its activities.
That tells also there are no restrictions for use of cryptocurrencies for trading and the CBN mentioned that they are not discouraging people from trading cryptocurrencies.
“What we have just done was to prohibit transactions on cryptocurrencies in the banking sector.”
This is a plus point for the cryptocurrency industry. I believe, as countries get to know deeply about cryptocurrencies and blockchain, the restrictions and limitations would go calm. However, according to local news outlet TodayNG, CBN the following governor said, “Bank had not banned Nigerian residents from buying, trading, or selling crypto, but protected the banking sector from the activities of cryptocurrencies.”
What the ban did was, Directed all commercial banks to close accounts belonging to cryptocurrency exchanges and other businesses transacting in cryptocurrencies in Nigeria with a warning of “Severe Regulatory Sanctions”
