CBN Lifts Ban on Cryptocurrency Transactions in Nigeria

[Hatchy]

 Exciting News!  The Central Bank of Nigeria (CBN) has officially reversed its stance on cryptocurrency transactions, marking a significant turning point for our nation's economic landscape.

In a recent circular dated December 22, 2023, the CBN has instructed banks to discard the previous restrictions, aligning Nigeria with the global trend of regulating virtual assets, including cryptocurrencies. This forward-thinking decision recognizes the importance of adapting to the evolving financial landscape and embracing the opportunities presented by the digital economy.
The Financial Action Task Force (FATF) has highlighted the necessity of regulating virtual asset service providers (VASPs) to prevent misuse for illegal activities. By lifting the ban, the CBN demonstrates its commitment to aligning with international standards while fostering a secure and transparent environment for cryptocurrency transactions.

It's important to note that, despite this positive shift, the CBN maintains the prohibition of banks from holding, trading, and transacting in virtual currencies on their own accounts. This measure aims to strike a balance between embracing innovation and ensuring financial institutions adhere to regulatory guidelines.

As we celebrate this newfound flexibility, all banks and financial institutions are urged to promptly comply with the updated guidelines. This marks the beginning of a new era for economic growth in Nigeria, unlocking the potential for increased financial inclusion, innovation, and investment.
Let's congratulate each other on this positive development and look forward to the exciting opportunities that lie ahead. Let's discuss and relate our opinion on this new innovation.

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[Igebotz]

This is a great step to the right direction and an end to p2p scam.

Next step is to unbanned international shopping restrictions on our debit cards to help in smooth transactions from bank to exchange and from exchange to bank.

A great way to start the office as the new CBN Governor.

[Tribalchief]

At least, the Administration don still do something wey make sense. Kudos to them. But come to think of it, hope say dem no remove the ban for their own benefits still, bcus money laundering go just turn to normal very soon.

If at all, Nigeria crypto ethusiast no go dey hide for dark again.

[Hatchy]

At least, the Administration don still do something wey make sense. Kudos to them. But come to think of it, hope say dem no remove the ban for their own benefits still, bcus money laundering go just turn to normal very soon.

If at all, Nigeria crypto ethusiast no go dey hide for dark again.

For me , Sha I just dey get dis feeling say government remove that ban, make Dem use am take cover up for their inability to provide cash for Nigerians dis period. Becos if u see, na the idea be dat Dem no say youths dey vex and Dem no say if Dem return cryptocurrency youth go see another way to take trade money con relax Dem mind. But if dat wan na truly their agenda then Dem no be better people at all.

[Ambatman]

This is a great news
I still blv say dem wan find way to get more control
P2p dey hide many transactions
Make dem nor go start to dey force tax oo
Me nor trust the country
The good na sha person mind go settle if e dey buy coin or dey sell self.

[Tribalchief]

At least, the Administration don still do something wey make sense. Kudos to them. But come to think of it, hope say dem no remove the ban for their own benefits still, bcus money laundering go just turn to normal very soon.

If at all, Nigeria crypto ethusiast no go dey hide for dark again.

For me , Sha I just dey get dis feeling say government remove that ban, make Dem use am take cover up for their inability to provide cash for Nigerians dis period. Becos if u see, na the idea be dat Dem no say youths dey vex and Dem no say if Dem return cryptocurrency youth go see another way to take trade money con relax Dem mind. But if dat wan na truly their agenda then Dem no be better people at all.

Haaa, that one no go sharp like that ooh. They need to still work on the cash issue ooh. My brother, market woman no get Bitcoin address ooh, na money she wan see for hand, and if u wan do normal bank transfer give her, na another big problem self.

This lift of ban na basically watin go favour must youth wey dey into crypto. Maybe I go even fit dey send some funds directly to other persons through the bank medium.

[philostickz]

Nahh bro don’t be excited about this because when government endorse investment and legalized it, any profit you make from it, you will pay tax when you gain.

Let's say you buy ₦100 bitcoin  with your bank which they have allow everyone to use and then you sell it for ₦300 later, you are not taking that ₦300 home, you will pay range of 10-15% for it as tax to the government. That's how it work even in the US.

Now that CBN has approved banks to allow crypto transaction, soon or later they will start taxing people from their investment which is nonsense, na another group of people go still embezzle the money, chop am as usual and spend on their family as corruption.

Before, na p2p we dy use and no one will ever know you buy or sell bitcoin, that's what I will continue to do even do they later allow straight to banks.

No dy trust government.

[Cantsay]

At least, the Administration don still do something wey make sense. Kudos to them. But come to think of it, hope say dem no remove the ban for their own benefits still, bcus money laundering go just turn to normal very soon.

If at all, Nigeria crypto ethusiast no go dey hide for dark again.

For me , Sha I just dey get dis feeling say government remove that ban, make Dem use am take cover up for their inability to provide cash for Nigerians dis period. Becos if u see, na the idea be dat Dem no say youths dey vex and Dem no say if Dem return cryptocurrency youth go see another way to take trade money con relax Dem mind. But if dat wan na truly their agenda then Dem no be better people at all.

The removal of the ban still has no effect on the cash scarcity because if you take a good look at the society you will see several people that don’t even want to accept bank transfer not to talk of them receiving bitcoin or any other altcoin as a means of payment.

I feel there are other motives behind the ban removal but for now all we can do is to spectate and hope that our thoughts are not correct cause if it turns out to be true that’s going to be one heck of a thing to avoid (taxation I mean).

[Igebotz]

The removal of the ban still has no effect on the cash scarcity because if you take a good look at the society you will see several people that don’t even want to accept bank transfer not to talk of them receiving bitcoin or any other altcoin as a means of payment.

I feel there are other motives behind the ban removal but for now all we can do is to spectate and hope that our thoughts are not correct cause if it turns out to be true that’s going to be one heck of a thing to avoid (taxation I mean).

As long as you dey use CEX to buying and selling or staking sef you're being tax, you may not know, when you sell your crypto to Naira you are being tax (capital gain). If Naija too go follow set regulations to receive tax on every buying and selling too e no go bad.

[Thyplaymaker]

At least, the Administration don still do something wey make sense. Kudos to them. But come to think of it, hope say dem no remove the ban for their own benefits still, bcus money laundering go just turn to normal very soon.

If at all, Nigeria crypto ethusiast no go dey hide for dark again.

For me , Sha I just dey get dis feeling say government remove that ban, make Dem use am take cover up for their inability to provide cash for Nigerians dis period. Becos if u see, na the idea be dat Dem no say youths dey vex and Dem no say if Dem return cryptocurrency youth go see another way to take trade money con relax Dem mind. But if dat wan na truly their agenda then Dem no be better people at all.

The removal of the ban still has no effect on the cash scarcity because if you take a good look at the society you will see several people that don’t even want to accept bank transfer not to talk of them receiving bitcoin or any other altcoin as a means of payment.

I feel there are other motives behind the ban removal but for now all we can do is to spectate and hope that our thoughts are not correct cause if it turns out to be true that’s going to be one heck of a thing to avoid (taxation I mean).

Exactly there's something behind it Ohhh our government nor just fit wake up one morning just remove wetting dey ban for long time. The thing just still dey some how to me 
The funny thing Shey nah since dem do am I never even try am Omo nah P2p I still base on. I just hope Shey their motive nah good one oh. Because nah only God go fit help this our contri.

[Seniorman]

At least, the Administration don still do something wey make sense. Kudos to them. But come to think of it, hope say dem no remove the ban for their own benefits still, bcus money laundering go just turn to normal very soon.

If at all, Nigeria crypto ethusiast no go dey hide for dark again.

Like e shock me as I see say they don lift the ban, this alone done show say our government small small don dey chuk eye for this cryptocurrencies, with the way e dey go I hope say we go see more progress from our government, maybe dey fit begin add Bitcoin as payment option

[EluguHcman]

Indeed the lift of the long time crypto banned in the country Nigeria had brought a new phase and increased the wide spreads and adoptions Bitcoin and Cryptocurrencies in general. Now cryptocurrencies transactions and tradings would not only rely around the individual sectors but to all rounds including the banks and other related government sectors.
This would also increase the boosten level at where Nigeria is categorized in the crytop industry of hodling

[CryptoLaila]

This is a great step to the right direction and an end to p2p scam.

Indeed a great step the country is currently  full with bunch of leading clowns.
I won't  be surprised  though  because wth was there  a ban in the first place while they were looting and doing money laundering with  the country funds . They will just wake up from a good sleep in an early  morning and start placing  ban on the majority .
This country only the minority  dey rule dem tell d majority to dey play

[Cryptsafe]

I knew it right from the beginning that there would be a lift of ban on crypto currency trading in Nigeria but it would just be a matter of time and here it finally happened. I believe every individual and government with their own blueprint to showcase for themselves. The ban lift does not only stop there but I believe the government is actually looking at that area for taxation because the inflow from the Crypto sector is very much overwhelming that they had to take that bold step irrespective of the fact that they once accused it of being a conduit for criminals and launderers .

I would not be surprised that binance would tell us one day that they had forwarded the list of KYC verified Nigerians operating on binance platform for government own perusals. That is when you will know that they mean the taxation business.

[CryptoLaila]

I would not be surprised that binance would tell us one day that they had forwarded the list of KYC verified Nigerians operating on binance platform for government own perusals. That is when you will know that they mean the taxation business.

When our government give any offer then they have seen a further way to earn from it . This is happening soon when the news starts fading, they just keep making more ways to exthort  from us, its good to pay tax though but what are we using it for in Nigeria