It was recently reported that the Central Bank of Nigeria (CBN) has issued an announcement banning any cryptocurrency transactions. CBN on February 5 released a directive, banning financial institutions from all crypto transactions and directing it to close all accounts involved with crypto currency.
The Central Bank warned that any financial institution violating the order would face CBN restrictions and fines. Not that it's okay, CBN instead directs financial institutions to close all accounts that trade crypto currency. Following a CBN directive, Binance has suspended Nigerian accounts on the exchange platform rather than operating.
This crypto ban will make a big impression on crypto traders who are mostly made up of young people. In Nigeria, approximately 40% of the population will be impressed by the news.
Previously this was reported by Chainalysis, which issued a 2020 Global Crypto Adoption Index report, listing 154 countries that have cultivated the use of crypto currency. Among the top 10 countries with the highest record of crypto activity is Nigeria.
Additionally, Nigeria in 2020 recorded a transaction value of $ 400 in crypto trading. Nigerian merchandise accounts for a large percentage of the total from Africa.
The implementation of this step will cause an exchange medium such as Luno which depends on the user's bank details to make transactions on the platform to be affected. This will cause the user's funds to become trapped in the currency exchange and the ban is reversed.
This move has caused tension in crypto users. There are those who advocate moving crypto to Ghana and some are suggesting a show of feelings.
At the time of writing, Bitcoin was trading at $ 39,255.53, up 0.55% in the space of 24 hours.
