central bank of nigeria denies banning cryptocurrencies in the country


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The Central Bank of Nigeria (CBN) said they never prohibited the utilization of cryptocurrencies in the country, and they are not deterring individuals from exchanging with crypto resources by the same token.

The explanation came from Godwin Emefiele, appointee lead representative Adamu Lamtek, in the interest of Godwin Emefiele, the legislative head of the central bank, at the 30th course for Finance Correspondents and Business Editors coordinated by the bank.

As per him, the bank needs to remind the banking area and shield it from crypto exercises.

A month ago, the CBN gave a request that guided monetary establishments to close down all records related with crypto exchanging. "Managing in cryptocurrencies or encouraging installments for cryptocurrency exchanges is restricted," said CBN at that point. It further advised foundations to "recognize people or potentially substances" executing with cryptos or working crypto exchanges.

This drove the Bitcoin clients and defenders to voice their issue with the bank's organization on friendly media.\

Accordingly, the bank gave a five-page articulation explaining that the letter was just an update that cryptocurrencies were not legitimate delicate in Nigeria, repeating a position the bank has held since 2017 and the same old thing.

It further said that the central bank would keep on instructing Nigerians to "stop from its utilization and shield our monetary framework from exercises of fraudsters and examiners."

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