The Central Bank of Nigeria has continued to show no interest in the trading of cryptocurrency. The Bank holds its decision of forbidding financial organizations from indulging in trade with crypto exchanges and also issuing a statement regarding the ban of all crypto trading accounts. This decision hinders the ability of traders and investors to successfully complete the trade with cryptocurrency. Many traders are unable to add cryptocurrency as payment methods, reducing the potential of their business.
Many people around the Nigerian territory are confused. Some have supported the Central Bank in its efforts to eliminate the use of cryptocurrency, while other people believe that it is stopping small-scale business from gaining a potential profit, pushing them out of poverty, and also not helping to solve the massive unemployment issue that the country is facing due to its low economic status.
Before the Central Bank had put a stop to crypto trading, Nigeria was flourishing in the crypto space, with the traders completing around $500 Million worth of transactions in a time span of just five years. Because of the new order by the Central Bank, the crypto trading potential of Nigeria has dropped significantly as there are no trading opportunities that can be created by young Nigerians, pushing them into poverty yet again.
Working on adding Regulations
Many crypto-based companies worked together and presented regulatory actions themselves to the Central Bank. The Central Bank did implement the regulations but then completely wiped out the crypto space from the economy.
Many people, including the Vice President of Nigeria, Yemi Osinbajo who has opposed the Central Banks decision, stating that it is hindering the potential of Young Nigerians to build a strong foundation into the crypto market, potentially pushing them out of poverty to support their families. Yemi also stated that crypto trading would grow to be a better alternative in the future rather than traditional banking,
Stakeholders are baffled by the Central Bank’s decision for not even trying to regulate crypto trade. Many of them believe that the Nigerian government should work with the central bank to at least allow crypto trading with respective regulations, as crypto has a great amount of potential to be successful for Nigerian traders.
Many Young Nigerians have their hard work turned to dust. It is still unsure what the Nigerian Central Bank intends to do with crypto trading, but as of now, the Bank seems to show no interest.