How Nigerians Are Reacting To The Cryptocurrency Ban
The Central Bank of Nigeria (CBN) has said that its decision to ban cryptocurrency was necessary to prevent crimes and mitigate risksSeveral Nigerians have condemned the move and believe the ban has some political undertone beyond those stated reasoningsThe Senate of Nigeria has summoned the CBN governor to explain the decision to ban cryptocurrency. In a move that sparked outrage on social media earlier this month, the CBN issued a reminder to regulated financial institutions in the country that a 2017 regulation prohibits them from dealing in cryptocurrencies or facilitating....
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According to social media reports, Binance, the world’s largest cryptocurrency exchange, is restricting the accounts of African users, mainly Nigerians and those who use its peer-to-peer (P2P) exchange. Many Nigerians have gone to Twitter to complain that their accounts were blocked by the exchange without explanation. #BinanceStopScamming Trends Many Binance users, particularly Nigerians and other […]
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin. The post Nigerians Need Bitcoin, So Where Will The Restrictions Lead? appeared first on Bitcoin Magazine.
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....
Some Nigerians plan to continue using bitcoin (BTC) and other cryptocurrencies despite a directive issued by the Central Bank of Nigeria (CBN) last week ordering banks to close down accounts associated with cryptocurrencies.