Nigeria’s Big Ban On Cryptocurrency and What Startups Are Already Doing

Nigeria’s Big Ban On Cryptocurrency and What Startups Are Already Doing

Good People, Bitfxt, our cryptocurrency exchange is moving to Dubai. Our CEO Franklin Peters is already in the UAE to move all operations to Dubai. There is really no issue here since Nigeria could not engage in conversations with its young people before making decisions. If there were things which needed to be fixed, the nation could have done so through consultations. Using fiat statements like we just did will never win more investments.

I also share Bamboo’s statement. Samuel Nwite has a detailed piece on this Central Bank of Nigeria (CBN) ban on Tekedia.

The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.

Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.

NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

May I also note that our Bitcoin option for Tekedia Institute Mini-MBA payments remains – we just switched off Nigeria for the United States. So, go there and make payments if you have Bitcoin – it would be hard for Nigeria to surprise me.

Nigeria’s Central Bank Bans Cryptocurrency Trading in the Country

Bamboo explores options
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8 thoughts on “Nigeria’s Big Ban On Cryptocurrency and What Startups Are Already Doing

  1. This was the vague circular they referred to? And in a space of four years they learnt nothing worth sharing?

    To think that we have smart people at CBN is mind numbing on its own, we just have overrated creatures all over the place.

    When you do not understand something, what do you do: shut it down or learn about it? We seem to like shutting everyone and everything down, the only problem is that those who are allowed to speak are even dumber, yet seeking attention.

    Nobody has explained how shutting down land borders for over a year improved our economy, no serious interrogation at any quarter, yet we are expected to forget about these things and move on. To where exactly? Who’s responsible for the sorry state of naira, or we are meant to accept that nothing else could have been done to give it some dignity?

    How many more bad calls from the CBN or political establishment will be enough? Are we just assuming that these guys have the intellectual rigour to think through complex things and come up with informed position?

    Those who are bereft of ideas always work hard to keep everyone down, because they are too afraid of being left behind.

    This scam called Nigeria, we really need to discuss if it worth keeping intact.

    Reply
  2. Hey God! What kind of Country are we living in? I have just finished partnering up with a cryptocurrency payment platform that would enable our startup receive payment in bitcoin and other forms of cryptocurrencies. Now I’m reading this.

    It only goes to show you the kind of babaric actions our leaders take without engaging with its citizens.

    May God help us all.

    Reply
  3. @Ndubuisi, your previous post said you don’t engage in cryptocurrencies. But this post said you are moving your exchange operations to Dubai. What’s going on?

    Reply
    1. Like I have noted, I do not buy crypto but I invested in companies that do exchanges for crypto. It is like – you do not do mining but you make shovels. However, you could see that Tekedia accepts Bitcoin for payment. But the business is not buy and hold, it is purely on transactions of trade, not to speculate. My position on Bitfxt is not hidden – I have written it many times. I focus on exchange but not buying and selling coins. https://www.tekedia.com/bitfxt-launches-boundlesspay-to-make-crypto-owners-spend-in-naira/ Hold that is very clear.

      Reply
      1. Either way @Ndubuisi, you’re into crypto and you are into it full time even. The stability and progress of it benefits you in many ways, but if it stops working, maybe you’d realise how much you are. They closed your shop somewhere, but you move it to somewhere else because business has to continue. That’s a job. And it could be part time or full time, but it’s either time.

        Reply
        1. I have interest in Blockchain & Cryptocurrencies and I’m a member of the Blockchain Nigeria User Group, and I’m sttongly asking that we lead a protest to that act of CBN. They may have threatened the banks and institutions regarding cryptocurrency on a memo in 2017, however, there are also public interviews where they recommend cryptocurrency but just stated that they will not be involved in any fraud settlement. But they seems to be losing at great lengths, due to payment choices with bitcoin and others, hence, the #endsars matter, inclusive, is making the FED come to such a conclusion. They wouldn’t have had a weapon if they ain’t released that memo in 2017. Good for them.

          Reply
          1. https://techbuild.africa/ban-cryptocurrency-error-judgment-chimezie/

            An excerpt from the link above…

            “A policy was made in 2017 and was reechoed in 2021, this shows that no homework was carried out. The CBN once spent money huge amount of money going around the country, seeking opinion on cryptocurrency assessment, but it appears they have learnt nothing.

            However, nobody can stop a decentralized system of transactions, not even CBN, but they can slow down the wheel of progress, but people will always find their way to buy their freedom.

            In as much as crypto isn’t a legal tender in Nigeria, it isn’t also an illegal commodity, unless declared otherwise.

            There is no law anywhere that says when people trade on legal commodities, that they are involved in illegal activities.”

          2. “However, nobody can stop a decentralized system of transactions, not even CBN, but they can slow down the wheel of progress, but people will always find their way to buy their freedom.” – I agree 100%. It is not any country or region. This is a moving train. I like the exchange and infrastructure side over playing the coin direct game. But from all indicators, this will be part of the future

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