CryptocurrencyOn February 1, 2021, the billionaire Tesla boss, Elon Musk, added #bitcoin to his Twitter and hoped cryptocurrencies would get “broad acceptance”. The viral post cleared his position on the business which had kept him vacillating for eight years and helped in pushing the digital currency’s price up by as much as 20 per cent.
Four days after the Musk endorsement, the Central Bank of Nigeria (CBN) issued a circular, preventing financial institutions from “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges.” In a letter, the CBN said it was reminding banking institutions that deal in digital currencies or facilitating their transactions was “prohibited”.