The Central Bank of Nigeria (CBN) stated that the bank has never banned Cryptocurrency activities in the country.
The bank’s Governor, Godwin Emefiele, made the announcement in Abuja at the bank’s 30th seminar for finance correspondents and business editors.
Emefiele, who was represented by Adamu Lamtek, Deputy Governor, Corporates Services, stated that the bank’s actions were intended to protect the banking industry from Cryptocurrency activities rather than to prohibit them.
The CBN has not imposed any restrictions on the use of cryptocurrency, and we do not discourage people from trading it. We’ve just made it illegal to trade in Cryptocurrencies in the banking sector.