Central Bank of Nigeria Denies It Has Placed New Restrictions on Cryptocurren...
Following the outcry over the Central Bank of Nigeria’s latest directive that targets cryptocurrencies, the institution has reaffirmed its stance with another statement. In the latest five-page document, the CBN insists that this directive is intended to protect the country’s financial system from the “risks” that are associated with cryptocurrencies. Debunked Claims Still, the central bank claims the directive has “not placed any new restrictions on cryptocurrencies” but is only regurgitating what was said four years ago. In January 2017, the CBN....
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A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector. Prohibition Only Applies to Banks The remarks by Lamtek, who spoke on behalf of the CBN governor Godwin Emefiele, follow the central bank’s February 5, 2021, directive which prohibited banks from facilitating crypto-related....
Africa’s largest economy and most populous country “Nigeria,” launched the continent’s first digital currency, the e-Naira, back in October 2021. The Central Bank of Nigeria (CBN) carries over plans to upgrade the country’s central bank digital currency (CBDC) to use in a broader range of goods and services. However, it also maintains strict crypto restrictions […]
Nigeria’s central bank recently made headlines enforcing cryptocurrency restrictions on how the country’s banking sector works. Specifically, CBN reminded regulated financial institutions yesterday that a 2017 regulation prohibits them from facilitating cryptocurrency transactions or facilitating payments for exchanges. In a press release meant to showcase the rationale for the restrictions, the bank provided the following: “Cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light....
However, this news may indicate the Central Bank of Nigeria wants to mimic what Bitcoin brings to the table. The idea of using cryptocurrency in Africa has a lot of merit. With lower transaction fees and global availability, Bitcoin makes for a strong candidate. In Nigeria, the idea has gained a valuable supporter, as the Central Bank of Nigeria shows an interest in cryptocurrency. An exciting future looms for cryptocurrency in the country, albeit specific details are hard to come by. For the time being, it remains somewhat vague as to what the Central Bank of Nigeria aims to achieve. It....
The Central Bank of Nigeria (CBN) plans to launch a digital naira pilot program later in October 2021, as part of its central bank digital currency project (CBDC). Central Bank of Nigeria To Launch Digital Naira The Central Bank of Nigeria (CBN) has been in the news for its anti-cryptocurrency actions throughout much of 2021. […]