The Big Ban Theory
You’ve probably heard of it, but I’ll say it again.
On Friday, the Central Bank of Nigeria sent out a circular to commercial banks reminding them that "dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited" and ordering them to close any accounts transacting with cryptocurrencies.
What this means: While the CBN has not banned the use of virtual currencies, it has effectively blocked the ability of the exchanges which trade them to collect payments from bank customers. Since crypto is hardly bought with cash from exchanges, this move will affect the operation of companies like BuyCoins, Patricia, Yellow Card among others.