• Mon. Mar 4th, 2024

Nigerian National Bank Repudiates Claims Of Having Imposed Any Crypto Restrictions

Feb 11, 2021

Nigerian Central Bank clarifies its stance over cryptocurrencies and says that it hasn’t applied any restrictions over the use of cryptocurrencies within the country. Suggests that crypto rules are in favor of the crypto industry and will ensure minimizing of the potential risks attached with digital assets.

 In the recent past, the Central Bank of Nigeria had issued certain directives that appeared contrary to the crypto industry’s growth within Nigeria. When the directives were made public, they caused hue and cry amongst members of the Nigerian crypto industry. Even United Nations as well as certain notable individuals from global crypto industry took note of these directives and criticized the Nigerian Government. Since their launch, the Nigerian Government was under immense domestic and international pressure.

However, recently the bank has issued its clarification contained in a document spreading over at least 5 pages.

Nigerian Central Bank first of all claimed that it hasn’t placed any directives which are against the crypto community or industry. It further said that no restrictions have been imposed on the use of crypto domestically or internationally. However, readers misunderstood a statement that reflected its past directives of 2017 and therefore is a wrong assumption, said the bank.

Earlier in 2017, the Nigerian national bank issued a directive that suggested that crypto trading is against the scope and ambit of the bank. But since then the country saw a growing use of cryptocurrencies and the industry continued to evolve. As of today, Nigeria is one of the African countries, which is ranked at the top in terms of the use of digital assets. Currently, Nigeria is also considered as one of the leaders in the global crypto space which helped crypto mass-adoption.

Even after the clarification, the Nigerian crypto industry is not willing to consider the clarification as clear as it should be. The industry criticized that Nigerian Central Bank has reaffirmed and reinstated its earlier stance of 2017. It said that the bank failed to justify its clear stance over the use of crypto within the country. Rather the bank’s intention is to put aside notable crypto users from the country’s financial mechanism, they claimed.

They criticized that the bank endorsed what China was doing with its crypto industry.

In the directives, the bank stated in an appreciating way that China was banning the crypto industry as well. This statement also received heavy criticism from local and global crypto communities which was re-directed towards the Nigerian Government as well.

However, at the end of its clarification, the bank again made certain remarks which clearly showed its intention. The bank said that it does not feel crypto a profitable investment vehicle. The bank added also that it will take all necessary measures to stop citizens to refrain from using any digital assets for whatever purpose.

It seems that there is a huge contravention amongst the statements of the Nigerian Central Bank.

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