Cryptocurrency Ban: Nigerians Are Free To Use Bitcoin, Says CBN

The Central Bank of Nigeria (CBN) has declared that there was no time the bank banned the activities of Cryptocurrencies in the country.

This declaration was made by the governor of the apex bank, Godwin Emefiele in Abuja at the 30th seminar for Finance Correspondents and Business Editors organised by the bank.

Representing the apex bank governor, the deputy governor, Corporates Services, Adamu Lamtek said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities.

“The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.”

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Governor of the Central Bank of Nigeria (CNB), Godwin Emefiele on Tuesday appeared before the Senate to defend the ban on cryptocurrency trading in the country.

The Senate invited Emefiele to brief its committees on the opportunities and threats of cryptocurrency on the nation’s economy.

CBN’s director of banking supervision Bello Hassan in a circular said cryptocurrencies are “issued by unknown and unregulated entities”.

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