Bitcoin Forum

 I stumbled on this just today, am still yet to get further sources, but will be following the news round the clock, to see about the current unfolding of the news.
https://i.imgur.com/eMxjPCe.jpg

Source: https://www.today.ng/business/finance/cbn-nigerians-free-bitcoin-353492/amp

On the image above it has it that CBN the central bank of Nigeria, the Paramount government organization in-charge of banking, and finances, has permitted Nigerians to go on with cryptocurrency with out the restrictions the placed some weeks back, this is still uncertainty, but there has been meeting with the Nigerian Senate, and heads of CBN concerning the issue of Ban, also top public figures even the very elderly has supported Bitcoin in Nigeria, this makes me proud as to see how far Nigerians has come in cryptocurrency, Nigeria is a country with
+ Poor banking system
+ Poor payment system
+ Low alternative means for unemployed youths
+ The educational system is still poor.
But cryptocurrency as many Nigerians has realized helps less this problems of the nation and more, I would be even happier to see this news is fully true, and Nigeria has gotten love/encouragement from other cryptocurrency nation at a dark time for cryptocurrency in the country.

hooray I really hear it. extraordinary, with that we welcome our brothers and sisters in Nigeria with great joy. let's walk together and hold tight to expand the adoption of bitcoin. not only that, Binance Nigeria will be a favorite exchange there. I will hear the good news when Nigerians have the freedom to make transactions. But don't forget, when all trust has been completely dropped, take care not to get interfered with by the issue that has been an obstacle, namely accusations of transactions funding terrorists.

This is definitely great news for Nigerians. They are one of the top countries with the most number of Bitcoin and cryptocurrency users around the world. After that controversial decision of their central bank banning the banks from transacting with cryptocurrency exchanges, Nigerians cannot be stopped with P2P transactions. Congratulations to the entire Nigerian cryptocurrency community for never giving up fighting to make cryptocurrency legal and be used without much restrictions whatsoever. Cheers!

I think with this news binance Nigeria will be willing to reopen the withdrawal and deposit to local bank account directly from the exchange,  Good news to the Nigerian citizens who where very sad with the recent ban on crypto from their government,  
This shows that the power of crypto is growing stronger and adoption is definitely achievable.

Nigeria is one of the country that stands high in the list of corrupt nation. Through the banking system the entire economy of the country is being crashed. Nigeria is one of the country that has got good natural wealth. If the country's financial infrastructure is drafted good, now Nigeria could've been on the growing countries list.

Now the decision on bitcoin from the Central Bank of Nigeria seems to make a big change, and people are already used to it. Maybe this legalized support from the banking sector of the country will boost the market for cryptocurrency on the African continent.

Good news for all Nigerian friends around!

It would be even better if the Indian Government realizes that those bans are not leading to anything good and abandon the Indian crypto ban project!

If this news is already official or there will be some valid sources that can come out soon to verify this, I'm happy to see that there will be no more restrictions for our crypto folks there.

Yeah, they will realize that soon when they see that many countries are accepting and adopting it instead of making it difficult for their citizens to go along in the crypto market and its uses.

Central Bank of Nigeria can not ban cryptocurrencies use generally, only the aspect linked to banking sector can be banned by them, this will happen in a way no exchanges or crypto service providers will be able to make use of bank for crypto transactions, but p2p can be used. Nigeria SEC has shown the nation how they support cryptocurrencies, but CBN are making different moves. All I know is that CBN can not ban cryptocurrencies generally, while it is not even possible for cryptocurrencies use to be stopped. Although, good that CBN make such speech but not allowing banks to process crypto transactions make their statement useless has Nigerians have gone p2p already even without them making the statement.

I guess that was last month I heard the news about banning cryptocurrencies in Nigeria but now their government realizes that it's better to accept cryptocurrency than to ban it. Despite banning the crypto exchange sector their people can still use cryptocurrency by using a P2P exchange.

It's good news for them, how many countries did not yet realize a situation like this, I hope those countries that prohibited their people to use will open their gates and accept the great opportunity that crypto has.

From the article (https://www.today.ng/business/finance/cbn-nigerians-free-bitcoin-353492/amp);


From what I can understand. The ban is still on.

Of course, they can't completely ban Nigerians from using or trading cryptocurrencies as long as crypto exchanges don't ban Nigerian traders but the link between crypto and Nigerian fiat through banks will still remain blocked and i think this was the main issue even when the ban was announced some weeks back.

I don't know much about Nigeria, but I think the main way of moving cash to and from crypto exchanges has probably been through Bank transfer.

This is good news for the people of Nigeria but I'm confused

So does the central bank permit Nigerians to use crypto and that individual banks acted
outside the central banks decision?

or does it sound like, you can own and trade it but cannot use your bank account to do so?

I completely felt for Nigerians as the ban is still not opted out on them, simply highlighting the quote you showed, that their government stopped the interrelationship between crypto and bank Fiat, the reason for this is clear, the value of Nigeria currency is getting devalued, governmental estimate on fiat charges is decreasing maybe when traced the causes and found out it's because citizens choosing to store money in crypto more than fiat bank now.

I don't know about the devalued of their national currency but their CBN haven't lift the banks and payment service provider dealing with crypto currency. I check every reputable exchange that offer service for crypto to NGN and none of them say anything about the news posted by the OP and I check the CBN site every it still the same.
Edit : the ban stance was only explained, i guess alot of people don't know that they didn't ban crypto currency totally.

Nigerian people and their government are optimist with bitcoin. They are seeing bitcoin every opportunity has to offer which is exactly they are right. Even the tesla owner see the benefit of having bitcoin and are still eyeing to get more BTC in his holdings. Bitcoin adaptation now slowly being realized and that we should give more emphasize to people that are exercising the use of bitcoin to encourage others too to believe in it.

There is nothing to worry with bitcoin as a decentralized currency for no one has controlled over it instead the system has been run by the users itself with transaparency with the use of blockchain technology. The blockchain technology has played a great role in the bitcoin system and that I think was the highlight of it.

Some government now are eyeing to copy the cryptocurrency system creating their own coin. But we know that there is only one coin which is better of the these government currency created which is clearly the bitcoin. The demand for bitcoin is just an indicator that sooner or later bitcoin adaptation will going to happen. It will be because of its users that are persistent to make use and enjoys the benefit that bitcoin has brought.

At least we got a good conclusion to this drama and the best part is it didn't last long. I've only been seeing this Nigerian crypto issue since last month so I guess the government listen to the people and saw that Nigerians are willing to adopt cryptocurrency.

I hope this has a favorable resolution for the people of Nigeria. Their government knows that they can't really ban bitcoin and if they did people would just choose another currency as a store of value, such as the US dollar.

If they create their own government backed crypto then it would have the same problems as the current fiat currency, so bitcoin offers the best option for the people of Nigeria.

This is really good news for the Nigerian, for sure they are really waiting for this time to happen and now this would be the best time for them, I just wanna welcome them there with the community. This is just a good move for the world of crypto as some other countries start accepting bitcoin and let their citizen explore the community.

I just wonder because last time I read on a certain article that the government of Nigerian is banning the bitcoin but now it is a different story, I think they have realized how good cryptocurrency could be.

I am so happy for the people in Nigeria for this news, I am hoping that this would be the reason for the Nigerian to grow up and to rise from the scarcity. We are now seeing a little movement for mass adoption for bitcoin and hoping that this would continue for some other countries. Nigerian has a poor banking system and poor payment system so bitcoin would be the best solution for it. Hoping that this would result positively.

Yeah, it is a good thing that they are finally clearing the confusion with their ban, I think they still have the ban in place but they are stating that people are free to deal with cryptocurrency but not within the banks, I might be wrong which is a good thing because that means that the Central Bank of Nigeria gives up their position that opposes cryptocurrency.

Nigeria is a country that dislikes development that will enhance the benefit of another individuals or person, so right from time I know vividly that restrictions announcement of Bitcoin in Nigeria through central bank of Nigeria (CBN) is order through a higher politician, the previous new before this announcement of current cryptocurrency is that, the vice president order the governor of CBN to regulate the use of Bitcoin in Nigeria, knowing that Bitcoin is another means of an undeveloped country to develop with fully adoption of it, Nigerian's can be happy now because with action and altitude of central bank of Nigeria initially and the reversed of what has been announced shows that the CBN governor was forced to make such announcement, now Bitcoin is some how legalized in Nigeria, never jubilate yet because no one knows their objectives.

It seems that they are finally going on the back foot. Already knew this will happen when the news started flying around the world that Nigerian central bank is banning the crypto currency.

The whole forum was flooded with threads from Nigerian guys on how to work with p2p transactions to overcome this restrictions. Now here we are, the central bank itself agrees that crypto currency needs to be their agenda.

Not just this, even in India same thing happening. From banning the bitcoin now the bill is pending for its legal status and regulating it. :-)

Time heals everything.

Really? I didn't know Nigerian government was so touchy, I always thought Nigerians were really proud to help each other be better, and were quite patriotic, at least that's the impression I have been getting all these years from meeting them in person.

Politics is something else, people in power just fear things that challenges their status. That's what Bitcoin is a threat!

Even though I am not a Nigerian citizen, I am also happy to know that CBN has not prohibited Nigerians from using Bitcoin. Because it is proven
that Bitcoin helps the economy of Nigerians, it would be a good thing if Nigerians are free to use Bitcoin. In fact, I'm sure some countries that
ban Bitcoin will start allowing their citizens to use Bitcoin again. Because it is proven that the development of Bitcoin cannot be stopped and it has
made several countries that were banned change their minds. Hopefully what happened in Nigeria will also happen in several other countries such
as India and Bangladesh which are still banned on Bitcoin.

Good then. to use cryptocurrency is the right of people and to give harsh punishment just because people gonna use their money to do whatever they want doesn't sound really good not to mention bitcoin and cryptos in general could also help the lives of many people due to its ability for borderless transfer.

It's really a good news for Nigerians as well as crypto enthusiast all around the world due to increasing acceptable of Bitcoin and other cryptocurrencies.The Nigerian government has taken very impressive decision which will eventually boost their economy as Nigeria is one of the top countries in terms of crypto traders and users.

https://i.ibb.co/s3rd7Sq/Screenshot-20210321-170147-01.jpg (https://ibb.co/C0F3LdQ)
hapiness smileys (https://emoticoncentral.com/category/hapiness)

With this decision the local exchanges can resume their work and people can trade and make transaction in Bitcoin once again.The government are not fool to ban such currencies because they can't control them so why not get benefits with them.But still best wishes to all Nigerians once again.

This is good news for all. I hope in Nigeria many companies are adopting bitcoin as the main means in terms of economy and business. It's not just for Nigeria's economic growth. However, to gain bitcoin trust in the eyes of the public.

Something like that, as far as I knew, the ban was on withdrawing bitcoin to our local Fiat which is Naira and every account that had bitcoin transaction was rumoured to have been freezed, even now I don't trust Nigerian government, I posted the news yesterday and it was a happy development that am following and would give update on this thread, but till then am optimistic about bitcoin and crypto-currency in Nigeria.

By interpretation from there earlier statement, I know it was banking activities with cryptocurrency that was restricted but Nigerians generalized it to be a ban affecting all class of crypto dealings but enthusiasts have since being successfully dealing in P2P.

Central bank itself can't ban cryptocurrency in Nigeria but it has to go through legislation to outlaw it through presenting it as a bill to be deliberated. Well , is a good thing that they (the central bank) has cleared the dust now. I know that further positive clarification will be made on this.

Nigeria is a big bitcoin and crypto place and a major reason for this growth is unemployment. Where there is high unemployment and poverty, the people strive to survive and the government is coming to reality with the poverty rate, they can only open up the economy through digital trading that allows everybody to be a part of for surviving on their own decision.

You are correct many enthusiast like me has always preferred peer to peer, I have tried exchange, but I don't trust the abilities of my local bank to cope with crypto-currency, I had always foreseen this action from the Nigerian government but never knew they would be as petty as they were, I was also caught in the web of the restrictions, it affected me financially too, so that why If this news is true it means freedom at last.

Thats good news another considerable victory for the crypto Industry and the Nigerian crypto users, I hope more countries will consider its decision and not banning bitcoin in their respective jurisdiction just like Nigerian government is doing so that many people can still access and use cryptocurrency freely.  

I stopped searching for these news as you always see conflicting news about the plans by the government, the situation in Nigeria and India has more topic here i believe as we hear conflicting news about a blanket ban one day and about regulating the other day and these news are published in the pretext that the source close to the government has released these plans  :D.

If you stop looking for these anonymous sources then we will be fine, if a government comes up with a drastic step i am sure we can overcome them.

Clearly, it's not that the ban was lifted, but that its meaning was clarified. I suspected that the Central Bank of Nigeria simply didn't have enough authority to introduce a ban of cryptocurrencies altogether. So now they're clarifying that the ban is only related to the banking sector (which also needs additional guidelines because it's not obvious what exactly is meant by 'the banking sector). They're standing by their previous statement, so I'm not sure if it's great news for Nigeria. I remember there was an interview with the Minister of Finance, and she said that they're planning to impose nuanced regulations on the industry, so we have to wait and see what they come up with if we are to properly assess the status of cryptos in Nigeria.

This is good news but the fact is the Central Bank of Nigeria couldn't really stop the transaction of bitcoin or any other cryptocurrencies in its County, what there did was restricting crypto users from making crypto transactions with their bank account but unfortunately for CBN crypto users was still making transactions through P2P which eventually means their ban really had no effect because it didn't changed anything. Well it's a good news at least Nigerian citizens can now make transactions with their bank account and even purchase crypto with their debit cards it's a good news for Nigerian citizens.

This is a very great news not only for the Nigerian crypto community but for the whole crypto community. It is great that the Central Bank of Nigeria have finally see the light and the numerous benefits of bitcoin and how it has help reduce unemployment among the youths of the nation.
I'm sure one major influencer of this good decision must have been the vice president of the country who said some weeks ago that the ban isn't meant to be so as not to kill the goose that lays the golden egg. He advocated that bitcoin be regulated and not banned

Thanks for the heads up @BIT-BENDER. I saw the news yesterday but didn't get to read it. Anyway, I just did. What CBN did was to make some clarifications. According to the article:

I'm not sure I understand their point. They came under fire after that ban so they're just trying to clarify things and it's still not clear. It looks like they're saying that Nigerians are free to participate in the crypto space but aren't allowed to make crypto transactions or interact with their bank accounts using crypto.

To contradict the article, people are FREE to use bitcoin whatever your country and wherever you from, especially whatever your government told you, it's people's choice to use it or not.

It seems, now they realized very well that they have done the wrong thing by banning cryptocurrency. they said that they didn't restrict people from using cryptocurrency or trading Bitcoin.
But if CBN stops people from receiving payment to the user's bank account from crypto-related website then how CBN said that they didn't restrict people from trading cryptocurrency!
Are they encouraging people to trade counterfeit? I think it is nothing but counterfeit if people trade without a bank.

Well, I ain't going to scream Uhuru for such expected and long overdue news. The February 5th decision by the Godwin Emefiele's led Central Bank of Nigeria (CBN) banning Bitcoin was already dead on arrival. I knew it and it never panicked me for once. Whatever prompted that senseless decision has now made it receive sense. It's a policy somersault if you asked me. I believe the CBN and the commercial banks have realized how much in revenue they've lost with that action. I urge all Nigerian crypto dealers and traders to continue with the P2P and not rush to the banks to continue their businesses. If the banks caused them untold hardship by closing their accounts in an impromptu manner, what would make them trust that the banks won't do it again?

I'm really nonchalant about the revoked ban, as a Nigerian. We move!

The government of Nigeria must have realised that many Nigerians were indifferent about the ban placed formerly, they acted with prior and proper information on the subject of crypto currency. With it being obvious to the many that the ban was against the interest of the low class earners in the country, many who have been touched by the miracle of crypto refused to just call it quit and obey the government, they just had to go back on their decision or face mass disobedience.

This is great for Nigerian people, they'll have the freedom to use bitcoin and their independent is already unleashed. However, the news has been taken from us and this now begun to start positively for Bitcoin to soar higher from now on. Good news will continue to inspire every people, because every now and then adoption of cryptocurrency kepts rising.

Infact, it is welcome development for Nigerian cryptocurrency family. It is just matter of time, may nations that are against cryptocurrency will soon embrace it. Cryptocurrency (Blockchain technology) is great technology that aim to bring freedom to the people.
Congrats to the Nigerian cryptocurrency lovers!

Nice one, but no developed country that will bad cryptocurrency because is best for international trade and is a future currency.

Finally, Nigerian crypto enthusiasts can get what they want, because the Central Bank of Nigeria realized they couldn't stop the crypto transactions
from happening, But as with India there are frequent changes in rules in Nigeria, I don't know how long CBN will let this happen. Because they
might change their minds at any time, so make good use of the current time for Nigerian crypto enthusiasts. But even though CBN is going to
implement another ban, I believe it will not have too big an effect, because there will be a way for Nigerian crypto enthusiasts to continue making
crypto transactions.

Since the initial announcement by the CBN banning cryptocurrencies related activities, the order didn't have any significant impact because of various alternative means of transacting cryptocurrencies anonymously  which Nigerian crypto enthusiasts adapted to with the aid of Internet I believed CBN later realised that the ban wouldn't stand test the time of time prompted the reversal of the ban, the CBN should look into various ways at which the government can earn income from taxes from crypto related activities.

This was pretty much expected to happen.Countries,that are trying to oppress cryptocurrencies are going to face great difficulties,with controlling all the "illegal" crypto transactions.Making crypto payments and trading legal is the only way to go.The problem is that countries like Nigeria aren't very persistent with their policies.
Today there might be a crypto legalization,but after a few months,the central bank or the government might try to impose a new cryptocurrency ban again.
By the way,what is this logo?It looks pretty strange.Is this the Nigerian central bank logo? ;D

They might not be able to ban bitcoin but they can do a crackdown on people that are using bitcoin in their country if they were to do so, Internet censorship and surveillance can be a useful tool for an oppressive government to use against their people. Good thing that this problem with the CBN is going to be resolved at the least from what I can understand from that Tweet, I hope nothing like this can happen to Nigeria again or to any other countries.

I'm very much excited about this news even though its far from being a legitimate or confirmed news just yet bit then, its very encouraging, not because the news is about the legalisation of crypto but then, the fact that, the leaders can actually be able to discover a fault in their policy and take steps to correct it starting from accepting the fact that they made an error in the first place is a commendable one. I'm impressed at this attitude. No one wants to be wrong, especially in matters of public affairs and that which could ridicule them but then, ensuring that the right thing is done is a commendable act and as such, I encourage them to keep it up and not just formulate policies but create room for a possible reversal should it be that the policy isn't one that helps. Good 9ne by the Nigerian government.

If this is true, Nigerians will be much happy about the development.
When the news of placing a ban on bitcoin, restricting individuals from trading cryptocurrency with their bank account happened, it was a shock globally that it happened without even notifying her citizens. The action the CBN took then wasn't good for her citizens.
Thank God that they have come back to their senses that cryptocurrency is the future.

If true, this is going to be big news for Nigerian crypto community.
But their is one con also, if failed states like Nigeria adopt btc, it will give wrong message to people in developed nations.
It will be considered associated with failed nations just like it was previously assumed criminals money.

Over time, i thought of this on how a country could live and stay without a sound good support of the FG to assist the Youth. looking toowell out of about 100% Graduate today 97.8% Are Unemployed while so many living under flyovers name it all, Youth searches online and get Educated by Cryptocurrency utilizations and the so called Government came to place a ban and restricted individuals who is surviving from cryptocurrency. Sincerely speaking it was a big threat to me and my fellow Youth because we have no job the only thing we do is to partake in cryptocurrency and have some good earnings even more to what the so called Government offers the youths.
It was a big struggle and so harden for we to stand; This news has really brought a great Joy to Nigerians after several post on twitter other media channels.
Again we live as ONE Nigeria!!!