Nigeria – we are unique. Yes, the Central Bank of Nigeria (CBN) has released a regulatory hammer: all cryptocurrency entities are banned in the Nigerian banking system. So, exchanges, participants, brokers, dealers, crypto-fintechs, etc are banned. Sure, things will get crazier now as these guys will move to the black market as I am sure no CBN rule can stop young people and their cryptocurrencies.
People will be crying in Lagos now as there are many crypto exchanges that would see their accounts CLOSED immediately. Yet, you cannot blame CBN – it has access to data many of us do not have and you need to respect its position on this.
However, I wish it has done it differently, by having a clear roadmap as I have hinted in the past here.
Click to join Tekedia Capital Syndicate and build Next Africa with a minimum of $10,000 co-investment in startups.