Nigerians Oppose SEC Warning Over Cryptocurrency Investment
Cryptocurrency users in Nigeria are reacting to the public notice by the Securities and Exchange Commission of Nigeria (SEC), opposing the approach, tone and content of its warning to the public on cryptocurrency investment. What was the announcement about? The Securities and Exchange Commission of Nigeria, SEC issued a public notice on its website, warning citizens to apply caution in their approach towards investing in cryptocurrencies.The commission made reference to radio advertisements and other modes of solicitations to the public to invest in cryptocurrencies such as Swisscoin,....
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A rule in Nigeria banning financial institutions from facilitating cryptocurrency activity has elicited a range of reactions from citizens. The post How Nigerians Are Reacting To The Cryptocurrency Ban appeared first on Bitcoin Magazine.
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Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin.
Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency Substitution According to a report, this preference for foreign currencies (or currency substitution as CBN economists call it) however, needs to be contained in order to maintain the effectiveness of the central....