Nigeria’s Central Bank Will Likely Reverse Cryptocurrency Ban Soon

Nigeria’s Central Bank Will Likely Reverse Cryptocurrency Ban Soon

This makes sense – “More than two weeks after the ban on cryptocurrency in Nigeria, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market.”

Yes, do intellectual analysis before policy making. By doing that, we will avoid these own-goals. We scored own-goals on border closure and nothing changed before we reversed the call. My prediction is that the bitcoin and broad cryptocurrency ban will be reversed soon as it was done on irrational impulse. Now that the Central Bank of Nigeria (CBN) wants to do what apex banks do – collect data, consult, analyze and make decisions –  it will get to the root cause, and deal with issues instead of freezing a sector which it has absolutely no control over, globally. I predict that within 6 months from now, this ban will be reversed. What do you think?

Great perspective from Samuel Nwite.

More than two weeks after the ban on cryptocurrency in Nigeria, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market.

They said this at a virtual lecture organized by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja on Sunday, the News Agency of Nigeria (NAN) reported.

ACMAN is a network of researchers in capital markets, especially lecturers in the country’s universities.

Nigeria’s Central Bank and SEC to Embark on Research, Consultation for Cryptocurrency Regulation

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One thought on “Nigeria’s Central Bank Will Likely Reverse Cryptocurrency Ban Soon

  1. We are paying folks a lot of money to play kalukalu, ludo or draft, with our economy, whatever damage they deliver, they will still tell us that it was the best thing to do.

    For them, the policy or sanction comes first, then the research and analysis will come later, depending on how hard or soft the blowback they receive is.

    We really entered One Chance with these guys, and jumping off will require some level of dexterity and bravery, else you keep hanging in there.

    We are waiting for them.

    Reply

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