Did Nigeria Government Ban Crypto Currency?

Kennysplash

Verified member
Yesterday the news buzzed all over the internet that cryptocurrency has been banned in Nigeria. This led to panic as many people tried to sell and withdraw their crypto currencies. But this is just a misunderstanding, government did not ban crypto currency for the general public, it was only for banks. They stopped banks from purchasing or trading crypto currency. So it does not affect individuals. You can still buy sell and withdraw your money from any cryptocurrency wallet without a problem. Please let us get it right and not panic. Your coins are intact.
 
Last edited by a moderator:

gochenko8

Member
I agree with you that they should try and do something good for the poor mases ,any of there law should affect the reach not the poor at all,because at the end it is still the poor mases that always comes out to vote ...
So we really need more of good things from them ,I hope it won't affect in any other way in the market ... More of good news like this is what we want to be hearing not the bad one at all..
And thats why I stayed online late just to know what's going on around the world...
We need more of this great information for us to know what's going on in and out of our nation...
 

Olajidey

Active member
Nigeria government that is confused, when I saw the news am not moved at all because I knew it can never be possible, because they are not the one that creates crypto and even the case of the bank not funding crypto wallet people will still find a way around it.
Just today a friend told me that I can use Binance peer to peer to transact and I will receive my fund in my bank account, and if I also want to buy crypto I should use the peer to peer.
Very simple.
 

leejay

New member
Glad to hear this then,I thought it will affect both individual but banks in particular,it is cool tho as long as this is not going to affect you and i, it is well welcome for us then ...
So let me reverse my words towards our leader ,they should try and do something good for the poor mases ,any of there law should affect the reach not the poor at all,because at the end it is still the poor mases that always comes out to vote ...
So we really need more of good things from them ,I hope it won't affect in any other way in the market ... More of good news like this is what we want to be hearing not the bad one at all..
And thats why I stayed online late just to know what's going on around the world...
 

Josemendez

Verified member
Yesterday the news buzzed all over the internet that cryptocurrency has been banned in Nigeria. This led to panic as many people tried to sell and withdraw their crypto currencies. But this is just a misunderstanding, government did not ban crypto currency for the general public, it was only for banks. They stopped banks from purchasing or trading crypto currency. So it does not affect individuals. You can still buy sell and withdraw your money from any cryptocurrency wallet without a problem. Please let us get it right and not panic. Your coins are in tact.
Well , am yet to get the actual memo released by the central bank of Nigeria , perhaps when I do ,I will read for myself and get the news .
Outside this , I must say that it is a very sad thing that the government wants to ban something that has helped liberate many of it's citizens from poverty .
The level of unemployment on the country is increasing daily without any plan to help the unemployed.
I think the citizens of Nigeria , especially cryptocurrency lovers should voice out their opinion when it is confirmed to be true. The government should instead , seek for a way to regulate it .
 

Doradorwa

Opportunity seeker
I'm very glad to hear this... My panic was top knot yesterday... I was literally losing my mind.. but my question is that how do we trade cryptocurrency if the banks are not buying it anymore... I'm really new to this whole safe of cryptocurrency and I don't really know all this p2p everybody is shouting... Any help wil be appreciated... And what app will be right for the p2p that is being said .
 

IamDozzy

Active member
It was stated that any individual that is discovered to be carrying out crypto currencies transactions, the account should be closed. What do you now mean by individuals are not affected? I do not think it is true. Luno, for instance have disabled the DEPOSIT option and so you cannot deposit naira into your luno wallet as I type this, unless there is another Change later.
The government does not care about us and it is very disheartening. They do anything to frustrate the efforts we are making to help our lives.
I hope there would be a review of this order soon.
This is very accurate, I also noticed this on my Luno account, the deposit option has been disabled but the withdrawal option is still active. Also one can still send and receive BTC. But what annoys me the most it's the way the Nigerian government threatens her citizens with closure of bank accounts for engaging in cryptocurrency activities. This is what baffles me the most. It is the same people that the government threatened that put them in power. One thing I know is that cryptocurrency has come to stay and there is no going back on it.
 

Maks25

Active member
No need to panic
The world has gone digital
There are countless sites you change cryptos to other currency & even western union & PayPal & withdraw to your account.
But this seem like fake news, not even on CBN official twitter page.
The only way this can be effective na if they ban internet!

In India, they banned crypto.

Rather than complain.

Withdraw your crypto and send it through western union or world remit, do cash pickup and receive your money in dollars.
 

sincerem

VIP Contributor
Okay, thanks a lot for making it clearer to us, i was thinking it will be affecting both individuals like us. It could have affected Cryptocurrency and forex traders had it been what i thought it's the reality. Thank God what i meant isn't the reality show, if not it could have made me feel perplexed more and more. Cos I wouldn't know how I'll be doing when it comes to withdrawing my coins to my local bank account.
 

Sammyesx

Active member
I think what the government is against is the direct the transaction between crypto exchangers with the bank, it will also affect individuals because they won't be able to carryout direct transactions from their wallet to their bank account, they Will have to go through a third party system where by thee is no trace of crypto transaction from the cryptocurrency exchangers to the bank. There are ways to go about this like the p2p transaction method on binance.
 

Kennysplash

Verified member
This is actually serious than I thought, I also heard from someone working in the bank that it is only for financial bodies not the masses. I am confused now, you are also right I just checked and luno has disabled deposit for Nigerians. So this country is truly going backwards, some of us work online thanks to cryptocurrency payments platform. PayPal does not work in Nigeria and our only option is also banned, our government hates it when we are able to sustain ourselves legitimately. It seems they are pushing us to beg for alms or to venture into corruption. May God help me to get far away from this country.
Truth is that most of Nigeria government policies in the past few years have been anti people, don't let anyone deceive you into believing that the ban is strictly on banks not trading on cryptocurrency.

If you are observant you will notice that most exchange platforms have disabled the purchase of cryptocurrencies directly from Nigeria bank accounts, you are only allowed to withdraw because they don't have the right to withhold your money if you want it, while they seek more clarification from government on the new policy.

I work in a bank, and the instructions from CBN to us is not in line with your position. Every bank have started putting together teams both on regional and branch levels to ensure compliance to the policy to avoid sanctions, I happen to be part of the team in my office and our work begins by Monday.

Unless the Nigeria government came to realize how harmful the policy will be on the populace, and decide to double down on it otherwise the part of the circular that said "identify persons and/or entities transacting in or operating cryptocurrency exchanges within your systems and ensure that such accounts are closed immediately" remains effective, and that includes your account if you perform any crypto transaction after the circular was sent out.
 

Donkiz

Active member
Truth is that most of Nigeria government policies in the past few years have been anti people, don't let anyone deceive you into believing that the ban is strictly on banks not trading on cryptocurrency.

If you are observant you will notice that most exchange platforms have disabled the purchase of cryptocurrencies directly from Nigeria bank accounts, you are only allowed to withdraw because they don't have the right to withhold your money if you want it, while they seek more clarification from government on the new policy.

I work in a bank, and the instructions from CBN to us is not in line with your position. Every bank have started putting together teams both on regional and branch levels to ensure compliance to the policy to avoid sanctions, I happen to be part of the team in my office and our work begins by Monday.

Unless the Nigeria government came to realize how harmful the policy will be on the populace, and decide to double down on it otherwise the part of the circular that said "identify persons and/or entities transacting in or operating cryptocurrency exchanges within your systems and ensure that such accounts are closed immediately" remains effective, and that includes your account if you perform any crypto transaction after the circular was sent out.
 

Bookwormlux

Valued Contributor
Yesterday the news buzzed all over the internet that cryptocurrency has been banned in Nigeria. This led to panic as many people tried to sell and withdraw their crypto currencies. But this is just a misunderstanding, government did not ban crypto currency for the general public, it was only for banks. They stopped banks from purchasing or trading crypto currency. So it does not affect individuals. You can still buy sell and withdraw your money from any cryptocurrency wallet without a problem. Please let us get it right and not panic. Your coins are in tact.
It was stated that any individual that is discovered to be carrying out crypto currencies transactions, the account should be closed. What do you now mean by individuals are not affected? I do not think it is true. Luno, for instance have disabled the DEPOSIT option and so you cannot deposit naira into your luno wallet as I type this, unless there is another Change later.
The government does not care about us and it is very disheartening. They do anything to frustrate the efforts we are making to help our lives.
I hope there would be a review of this order soon.
 

Kennysplash

Verified member
Yes, the banks are investing heavily on cryptocurrency, what is supposed to be saved as Fiat is now in crypto. So the government fears that it will affect the value of the local currency. So the individuals are not prohibited, it is just the financial institutions. This morning I have sold some cryptocurrencies on luno and I have made my withdrawal to my bank account without any problem. They cannot ban the general public, it is not possible. They know that is when trades will abound more than ever. Can they monitor peer to peer transactions or de-fi?
 

Yugocean

Valued Contributor
Can you clarify, the Central bank has stopped banks from trading cryptocurrency, buying or selling; then how can people withdraw their crypto to Nigerian currency? Banks will need to accept crypto trading or purchasing for such transaction. Any ban on banks will only led to people not allowed using cryopto?
How you are going to withdraw your crypto now?

Social media accounts of Nigeria are already active on this issue; I just read that this has taken political turn between Atiku and Buhari.
 
D

Deleted member 27583

Guest
Yesterday the news buzzed all over the internet that cryptocurrency has been banned in Nigeria. This led to panic as many people tried to sell and withdraw their crypto currencies. But this is just a misunderstanding, government did not ban crypto currency for the general public, it was only for banks. They stopped banks from purchasing or trading crypto currency. So it does not affect individuals. You can still buy sell and withdraw your money from any cryptocurrency wallet without a problem. Please let us get it right and not panic. Your coins are in tact.
Glad to hear this then,I thought it will affect both individual but banks in particular,it is cool tho as long as this is not going to affect you and i, it is well welcome for us then ...
So let me reverse my words towards our leader ,they should try and do something good for the poor mases ,any of there law should affect the reach not the poor at all,because at the end it is still the poor mases that always comes out to vote ...
So we really need more of good things from them ,I hope it won't affect in any other way in the market ... More of good news like this is what we want to be hearing not the bad one at all..
And thats why I stayed online late just to know what's going on around the world...
We need more of this great information for us to know what's going on in and out of our nation...
 
Top