Feb 15, 2021
An agreement between financial services company TMX Group and cryptocurrency broker Paycase Financial has resulted in a lawsuit between the two.
The Central Bank of Nigeria (CBN) has said that its decision to ban cryptocurrency was necessary to prevent crimes and mitigate risks
Several Nigerians have condemned the move and believe the ban has some political undertone beyond those stated reasonings
The Senate of Nigeria has summoned the CBN governor to explain the decision to ban cryptocurrency.
In a move that sparked outrage on social media earlier this month, the CBN issued a reminder to regulated financial institutions in the country that a 2017 regulation prohibits them from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges.
Still, on Binance, other crypto enthusiasts called for calm and urged Nigerians to change their Naira balance to USDT (Tether) stablecoin on the platform in a bid to be careful against CBN prohibited deposits.
Do not deposit naira again on Binance
Immediately swap your naira for USDT if you have naira balance
Do not sell your crypto assets in panic.
It s a global trading system that CANNOT be affected by Nigeria CBN policies.
Decentralized Finance is the future.
You can t stop it!
On the policy side, Nigerians faulted the CBN directive, saying there is no logical reason to prohibit crypto enabled transactions, as the directive appears to contravene the Buhari-led administration’s promise to lift 100 million Nigerians out of poverty.