Nigerian financial authority, the country's Central Bank published a letter on February 5, in which commended regulated financial establishments to shutter accounts engaged in cryptocurrency-involved activities.
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In the paper, CBN informed that financial institutions will identify individuals and organizations that deal with crypto. It was mentioned, that there will be harsh regulatory sanctions in case of violating the rule.
However, users can continue P2P exchanges via marketplaces like Paxful or LocalBitcoins. They are allowed to buy and sell crypto, but not using a bank account. For instance, trading crypto can be managed by gift cards.
Many assume that this will reduce trading activity a lot, as bank transactions are the most common option of purchasing crypto.
Crypto trading is pretty popular in Nigeria. Just a few months ago, in November 2020 the country was recognized as a true "Bitcoin Nation". Lots of users expressed their complaints on social media accounts.
The hashtag #WeWantOurCryptoBack soon became trending.