Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchang...
According to a website that tracks the price of bitcoin across the globe, the crypto asset’s selling price in Nigeria as of February 18 stood at $ 76,000. At this price, the crypto asset is selling for $20,000 more than the approximately $52,000 that most cryptocurrency exchanges are currently quoting. The Impact of the CBN Crypto Order This spike in the premium charged on bitcoin follows the recent Central Bank of Nigeria (CBN) directive that targets cryptocurrency traders and exchanges. According to the CBN order, which became effective on February 5, banks and other financial....
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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,....
After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had....
Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria via a statement from the cryptocurrency exchange platform. The move by the company comes almost a year after a central bank directive forced Yellow Card to suspend deposits and withdrawals.
CBN’s Growing Interest in Digital Currencies
Almost a year after suspending services following a central bank directive, crypto exchange platform Yellow Card now says it is resuming local deposits and withdrawals in Nigeria. The company’s resumption of services also comes a few months after....