Home Business Cryptocurrency: CBN allows Bitcoin in Nigeria, says its not been ban

Cryptocurrency: CBN allows Bitcoin in Nigeria, says its not been ban

The Governor of Central Bank of Nigeria, Godwin Emefiele

The Central Bank of Nigeria (CBN) has said that it did not ban Cryptocurrency activities in the country. Nothing that the general public misinterpreted the message of the apex bank as regards the restriction.

The Governor of CBN, Godwin Emefiele made this known in Abuja, at the 30th seminar for Finance Correspondents and Business Editors which was organised by the financial institution.

Emefiele ably represented by Adamu Lamtek, Deputy Governor, Corporates Services, said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities.

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Furthermore, he said that there has never been a ban on the use of cryptocurrency in the country only that restrictions were placed on some of it’s activities from the bank.


“The CBN did not place restrictions from the 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,” Lamtek said.

In the same vein, people who trade or deal in crypto has not for once been stopped from doing such. Noting that, the bank is much aware of the activities of Nigerians who buys and sells them.


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