Nigeria: CBN says Nigerians are free to use bitcoin, others.

The Central Bank of Nigeria has said that Nigerians are free to use bitcoin, blockchain, and the others.

Inclusion Times
Inclusion Times

Inclusion Times reported last month that the Central Bank of Nigeria (CBN) had banned Nigerians from engaging in cryptocurrency related transactions.

Contrary to those reports, The CBN has said there was no time it banned  the activities of cryptocurrency in the country.

Godwin Emefiele, the Governor of the bank, disclosed this in Abuja at the 30th seminar for Finance Correspondents and Business Editors organised by the bank.

Emefiele, represented by Adamu Lamtek, Deputy Governor, Corporates Services, in the seminar, said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities.

What the bank (CBN) did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities.

Lamtek continued, saying the CBN did not place restrictions from use of Cryptocurrencies and are not discouraging people from trading in it. What is being done is that the CBN prohibited transactions on Cryptocurrencies in the banking sector.

Nigeria in focus:

Population: 200.9 million (2019)

GDP: $448.12 billion (2019)

GDP Per Capita: $2,229 (2019)

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