Nigeria’s 2017 cryptocurrency ban: why apply it 4 years later?

Nigeria's 2017 cryptocurrency ban: why apply it 4 years later?

Chidiebere Okoroafor

On February 5, 2021, the Central Bank of Nigeria (CBN) sent a letter to the country’s financial institutions mandating the closure of accounts dealing with cryptocurrency transactions.

As a result, the commercial banks deactivated the accounts of people engaged in such exchanges. Cryptocurrency platforms such as Luno also issued statements disabling all withdrawals and deposits from Naira.

This has led to widespread concern, both nationally and internationally, about the impact it might have on FinTech Industry in Nigeria. In particular, there are fears that the industry may lose investments from forward-looking technology companies that …

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