On February 5, the Central Bank of Nigeria (CBN) announced a ban on all crypto transactions in the country. However, the latest statement by a top official at CBN, Adamu Lamtek is seen as contradictory to the previous statement which is where the central bank announced the ban on crypto trading.
Since the ban, trading activity has recorded a decline on regulated exchange platforms. But on the other hand there is a surge in the volume of trade in P2P networks. Hence there are rumors that CBN will restrict P2p trading.
However, according to Lamtek in a recent interview this crypto ban does not cover crypto trading. He added that the CBN ban order was aimed at banks only and not crypto traders or investors. CBN reminded banks to stop their involvement in transactions involving crypto in February.
Industry leaders in one report reported that they were more likely to impose regulations than prohibition measures. They argue that crypto trading is beyond the control of the central bank as investors have moved to P2P platforms.
Among other factors supporting the permission to trade crypto, is that the Nigerian SEC has previously acknowledged that the crypto market is too large to ignore. At the same time, the Nigerian SEC and CBN revealed that they will work together to regulate the cryptocurrency. This is a positive indication that the previous ban was lifted.
