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CBN Deputy Governor Denies Restriction on Crypto

CBN Deputy Governor Denies Restriction on Crypto
  • Central Bank of Nigeria deputy governor denies banning cryptocurrency.
  • Moreover, major crypto stakeholders request a hearing to discuss crypto regulations issues.

According to TodayNG, the Central Bank of Nigeria (CBN) did not ban Nigerian residents from buying, trading, or selling crypto. Deputy Governor of CBN, Adamu Lamtek, affirmed at the 30th seminar for the Finance Correspondents and Business Editors.

“The CBN did not place restrictions from the use of cryptocurrencies, and we are not discouraging people from trading in it,” said Emefiele. “What we have just done was to prohibit transactions on cryptocurrencies in the banking sector.”

The news follows last month’s CBN announcement in a circular that it had banned all regulated financial firms from providing services to crypto exchanges in the country.

Furthermore, the ban ordered all commercial banks to close accounts related to cryptocurrencies. Also, the ban includes other businesses transacting in cryptocurrencies in Nigeria. 

Some account owners at Nigeria’s Access Bank have already reported their accounts have been closed.

Moreover, CBN Governor Godwin Emefiele previously marked cryptocurrencies as “not legitimate money” with no place in Nigeria’s monetary system. The central bank was doing its due diligence to understand the implications of the emerging space better, he added.

However, many regulators and crypto supporters in Nigeria have criticized the ban. With this, some legislators in the Nigerian Senate have suggested inviting the CBN governor. Also, major crypto stakeholders request a hearing to discuss crypto regulations issues.

Since CBN introduced the crypto ban, the price of Bitcoin (BTC) has been trading at a premium in the country. Valued at $57,349 in the US, data from crypto exchange Luno presently shows that BTC rose by over 70% in Nigeria at $97,509.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.