Nigeria's Central Bank Stated Crypto Trading Isn't Banned

by in Cryptocurrency News

CBN about crypto

Adamu Lamtek, a senior exec of Nigeria's Central Bank (CBN) informed that cryptocurrency trading isn't prohibited in the republic. In February CBN directed banks to shut down accounts that perform crypto operations. This raised a lot of discussions among the people interested in crypto.

Related: Bank of Thailand announced the legalization of stablecoins

Explaining the nature of the order on behalf of the bank’s chief, Godwin Emefiele, Lamtek said the financial authority had never intended to ban cryptocurrency activity in Nigeria. As noted by the executive, recent instruction meant to ban cryptocurrency proceedings in the banking industry and not prevent citizens from dealing with crypto. Lamtek clarified the situation in terms of the financial seminar that took place in Abuja.

Nigeria comes second as the largest BTC market after the U.S.

The crypto industry there is regulated by Nigeria’s Securities and Exchange Commission. In September 2020, the agency revealed aims to regulate the crypto sphere by viewing the crypto assets as securities until proven otherwise.