Why did the Nigerian Government banned Crypto?

Following the recent circular from the Central Bank of Nigeria to International Money Transfer Operators and Payment Service Providers. The circular dated 16th December, 2020 addressed new guidelines about Dispora Remittances which has been affecting remittances for the past weeks.

The CBN circular mentioned that not following the new regulations could lead to revocation of license by any of these institutions.

On the 5th February, 2021, CBN sent out a new circular to non-bank financial institutions and other financial institutions to desist from facilitating cryptocurrency exchanges. Deposit Money Banks and Non-Bank Financial Institutions were directed to close all accounts of persons transacting cryptocurrency using their system.

Cryptocurrency Ban Letter: https://www.cbn.gov.ng/Out/2021/CCD/Letter%20on%20Crypto.pdf

Popular Nigerian Tech Youtuber, Fisayo did a breakdown of all the circulars and more conversations around it.

Now that we’re here :thinking:

What do you think about the CBN letters?
What are your plans to continue trading cryptocurrencies from Nigeria?

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This is late tho. But I am hoping the CBN revokes that circular and looks for a way to partner(regulate) exchanges rather than hinder their progress.

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