Cryptocurrency

Why crypto is booming in Nigeria despite govt ban

Global peer-to-peer crypto exchange Remitano is currently developing its native token, RENEC, to improve the quality of services delivered to customers, reduce transaction fees and ensure secure and swift transactions

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Anasak

Nigeria


  • 8th, September 2021 (4 months ago)
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It is no news that crypto is a big deal in Nigeria. Nigeria is one of the leading countries in the world when it comes to crypto adoption. A lot of people don’t want to miss out on the opportunities that cryptocurrency offers. This makes the number of people looking to buy bitcoin in Nigeria very high. The adoption keeps growing day by day despite the ambiguous legal status of digital assets in the country.

 

Nigeria doesn’t have a law that governs cryptocurrency yet, however, earlier this year, the Central Bank of Nigeria (CBN) released a statement that appeared to be a ban on the use of bitcoin as well as other digital assets in the country. While this was perceived by many to be the beginning of the end of crypto in Nigeria, the situation however took another turn as crypto continues to bloom and flourish in the country. The ban has had little to no effect on cryptocurrency usage in the country as many have adjusted to the current situation, crypto users have found new ways to buy BTC in Nigeria and continue their crypto trades.

 

Before going into why crypto continues to boom in Nigeria even with the ban, let’s look at the details of the crypto ban in the country. Read about blockchain technology and the RENEC blockchain.

 

Crypto ban in Nigeria

On February 5, the CBN released a ruling that orders all financial institutions to stop facilitating crypto transactions and desist from transacting with entities engaging in crypto. The statement also instructed all banks and financial institutions to close accounts of individuals or entities engaging in this type of transaction


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