Cryptocurrency Ban in Nigeria: What you should know and what you should do

 


On Friday the 5th of February 2021, the government of Nigeria through it's Central Bank ban banks and other financial institutions in the country from transacting with cryptocurrency service providers, exchangers and persons trading in cryptos. The memo also states that banks should identity such entities and close down the account.


The reason the CBN gave for giving the directive was high volatility nature of the currency, terrorism financing and decentralization.


What this ban simply means is, you can no longer deposit directly from your bank (or using your debit/credit card domicile in Nigeria) to exchangers wallet directly. Withdrawal of funds from the exchanger platforms is not affected by this directives. However, it is going to make withdrawal take much unusual longer period.


Related post: How to make daily profits trading bitcoin on Luno


The directive from CBN does not outrightly ban Bitcoin or other cryptocurrencies, but rather, it stops the banks from conducting business with cryptocurrency exchangers and facilitators. The CBN can not stop cryptocurrency because they are decentralized and are internet base. 


All funds in any exchanger wallet are safe. From the statements release by Luno and Binance, normal trading activities will continue as before and, withdrawal also is unaffected but will take longer period. All Naira deposit methods in all exchange platforms as the time of writing this report are all disabled. The exchanger platforms promise to work around the ban to see how to make your crypto experience normal once again.


Consequently, I advise you don't panic as your funds are safe. You can continue your trading activities. Peer to peer (person to person) trading can help you add fund to your wallet at this time.

Bitcoin as at today hit all time high of ₦19,000,000 on Luno. This is to show that the ban by CBN has no effect on bitcoin trading. Trading will guarantee you a steady cash flow when done professionally. 

If you want to learn how to trade professionally, Click Here.


On the other hand, another cryptocurrency doing excellently good is Dogecoin. Dogecoin has increased over 1500% in the last 7 days and it's still increasing. 


The whole world is embracing cryptocurrency. Yesterday, Tesla CEO, Elon Musk announced that his company will start accepting cryptocurrency as means of payment.


In conclusion, Bitcoin and other cryptocurrencies have come to stay and no government can bring them down. Cryptocurrency is a way of wealth redistribution and a way of earning honest income. Please do not engage in panic withdrawal of funds as you funds are safe and will continue to be safe.

 We believe that some day soon CBN and FG will accept those facts and regulate the activities of exchangers in the country to make it safer for the citizens rather than banning it.



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