Effect of CBN Ban on Cryptocurrency in Nigeria and the Solution
Today the Central Bank of Nigeria notified Deposit Money Banks, Non-Financial Institutions, and other financial institutions against doing business in Crypto and other digital assets. However, this is the implication on Nigerians and the solution.
In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
Watch the video below for implications of this development and solutions: