ValuedKen02:
It almost seems as if the CBN just woke one morning and decided to ban the use of bitcoin and other altcoins in Nigeria.
The news came as a shock not just to fintech companies who have built their whole system around crypto but also to individuals who have invested in cryptocurrencies.

BUT there is more to this that you should know. Here is a summary of the situation and recommendations going forward.

In February of 2021, the CBN issued a letter stating that banks are prohibited from transactions with companies that deal in cryptocurrency. This led to massive devastation nationwide and huge losses to businesses.

In the last five years according to QUARTZ AFRICA, Nigeria has traded over 60,215 bitcoins valued at $566 million with only the U.S trading more.
Last year, estimates from Buycoins show that the value of bitcoin traded in Nigeria stood at $200 per month. That's more than the Nigerian Stock Exchange( $131 million per month) in Q2 2020.
Get a more detailed breakdown here: https://linksly.co/qbs0g

So what was the motive of the CBN?

It is known that the country's currency hasn't been doing well in the past years, hence the decision to ban bitcoin in hope of strengthening the value of Naira. This decision comes with policies from the CBN concerning the use of crypto and other foreign currencies.

Also, with the history of Nigerian's being linked with online fraud, this decision can be said to also be a medium to curb digital fraud coming from Nigeria.

The ban on crypto has hugely affected several fintech startups and virtual banks( Providus Bank, sure you have heard of them).

So what's the way forward? Well, Nigerians are known to always find their way around things and this won't be an exemption. Check out the link below for the best recommendations going forward.
Check out this video where you get the whole detailed breakdown on the crypto ban in Nigeria: https://linksly.co/qbs0g

moscobabs:
Which day Nigeria ban Bitcoins?