On the 5th of February, 2021, the Central Bank of Nigeria (CBN) issued a circular to all banks and financial institutions. In the circular, the apex bank stated that trading with cryptocurrencies and facilitating payment for cryptocurrency exchanges is now prohibited. The apex bank also ordered all banks and other financial institutions to close accounts of individuals or organizations who continue to transact with cryptocurrencies.
However, as expected, the letter elicited widespread concern among the public, especially among the youth with many of them worried about the possible consequences the sanction will have on Nigeria’s emerging cryptocurrency sector and fintech innovation. And, in fact, some Nigerian banks closed their customers’ accounts retroactively without any prior notification or explanation…..
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