Crypto Ban in Nigeria: Past, Present and Fut…

Cryptocurrency has been controversial around the world and even more so in African countries. Two weeks ago, the Central Bank of Nigeria decided to issue a memorandum to financial institutions to stop them from providing payment services to cryptocurrency exchanges. This decision is an unprecedented move and a controversial one at that. Financial institutions could facilitate payments for crypto exchanges before now, but the apex bank had outrightly banned them from holding and transacting in cryptocurrency. However, the February 5 letter seems to proscribe all interactions between our financial system and crypto exchanges. I wrote about the inconsistencies in the CBN decision in

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