We never banned cryptocurrency, CBN reveals action

Obinwannem News We never banned cryptocurrency, CBN reveals action

The Central Bank of Nigeria has clarified issues regarding the “ban” on cryptocurrency. It said the latter was never banned in Nigeria; rather transactions on cryptocurrency was prohibited in the banking sector.

CBN said Nigerians were free to engage in cryptocurrency trading.

This was announced by the CBN governor Godwin Emefiele, Saturday, in Abuja, at the 30th seminar for the finance correspondence and Business Editors which was arranged by the bank.

Emefiele, who was represented by Adam Lamtek, deputy governor Corporate Services, said what the bank did was to protect the banking sector from the activities of cryptocurrencies and not a ban on its activities.

“The CBN did not place restrictions from the use of cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on cryptocurrencies in the banking sector,” Lamtek said.

Lolo Ijeoma Njoku reporting, Obinwannem News

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