Bitcoin Forum

it has been a night of joy for bitcoiners in Nigeria as we heard the news of the central bank of Nigeria lifting the restrictions placed on cryptocurrency activities in Nigerian commercial bank some years back.
Some of us have been praying and anticipating for this day to come, so that our activities can go on freely with commercial banks. Though the P2P system has really helped a lot of us here in Nigeria, but this ban been lifted will also enlarge the adoption of cryptocurrency  in Nigeria and Africa at large, Nigeria is one of the emerging economies in Africa and in the world with a high population of over 200 million people, so if there is a high adoption of cryptocurrency it will really help the crypto market positively, however we are really happy for this new development as it will boost our confidence in preaching the good gospel of bitcoin to our compatriot here.
https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

If this is real, then it's indeed a good thing that the ban has been lifted. Although I have one question, which is, when they placed the ban on crypto-related transactions in the Nigerian banks, did it actually stop Bitcoiners and crypto enthusiasts from investing in Bitcoin? Did the ban reduce the rate of Bitcoin adoption in the country?

IMO, I think the answer to my question is no, but I may be wrong and still need someone to clarify it.

A government giving its affirmation and acceptability to an innovation gives that innovation a different aura, so in answering your question, the ban affected the psychology of those persons that don't really have an indepth knowledge of Bitcoin or cryptocurrency, those persons that are solely relying on government permission before they can go into adopting or investing in some certain business just so that they could see themselves falling in line with government activities.

If they don't lift the ban, Nigerians can find Non KYC exchanges to use for cryptocurrency to their fiat currency exchange. Nigerian commercial banks will have less chance to engage in such crypto-fiat exchange and can not ban their citizens as well as their bank accounts if they have no information about those trades.

With Some world maps for Bitcoiners (https://bitcointalk.org/index.php?topic=5471817.msg63060631#post_legality_map1) and Cryptocurrency Legality Map, I see Nigeria has an Alegal status, not Illegal. Its legality status is similar on two websites.

https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality

This is not only a win of Nigerian people but also with the world of crypto because Nigeria is showing a big support and use of cryptocurrency and having this clear market now will bring more open support to the African countries and will have belief that sooner their country will be as popular as Nigerian being a crypto supporting country.
can't wait what would be the reaction of the market in that continent anytime soon now .

I understand that Nigerians are really interested with cryptocurrency and has been one of the few African countries where many people are holding and even trading cryptos. With the lifting of the ban, I am sure the market is going to be developed a lot. I am hoping that regulations the government will be imposing can encourage good players and can stop frauds and scams so people will never be victimized by bad players.

This is fantastic news for both cryptocurrency users and the country's development. Although the ban didn't impact crypto traders much due to the availability of peer-to-peer trading, it prevented banks and financial services from engaging in cryptocurrency transactions. This positive development is a great way for the Nigerian government to begin the new year, especially considering the economy has fallen below expectations. With this news, crypto exchanges and other self owned cryptocurrency platforms can resume operations, leading to increased profits and contributing to the improvement of Nigeria's economy. Congratulations, Nigerians.

No, buddy. Since the time of restrictions until now, more Nigerians have started using cryptocurrencies. It didn't decrease their usage but introduced many Nigerians to the existence of cryptocurrency technology. Lots of Nigerians were stuck dealing with the banking system, and over time, they discovered new ways to save and protect their money from banks that often deducted unreasonable charges from customers' accounts. The ban of institutional crypto transactions, increased awareness of alternative ways to save or trade money, leading to potential profits.

In Bitcointalk forum I found many user come from Nigerian and likely bitcoin or cryptocurrency have been popular there, I don't think problem when bank not allowed bitcoin transaction there because have many alternative way for withdrawing or purchasing cryptocurrency fund to be cash by selling trough P2P and the user want to make deposit can buy on P2P exchange. Its advantage with Nigerian have large bitcoin and cryptocurrency community because every day have much transaction volume for buying and selling cryptocurrency assets trough P2P and looking with your bitcoin forum local board what is majority exchange use there, Binance, Kucoin or Huobi as many user from Nigeria.

Don't be afraid exactly for OP if government your country not allowed linked cryptocurrency market to your bank account because you can use third party as P2P for selling bitcoin or cryptocurrency assets.

I guess it was this, that they realized that they were losing much more than they could gain from the ban.


Interesting.  If people had become accustomed to making cryptocurrency transactions outside banks, I don't think they are all going to make them with banks now. We will have to see how things develop from now on.

It seems that the central bank of Nigeria is simply tired can't fight this (there are no tools to control and limit foreign exchange crypto transactions). In any case, this is not for the benefit of 200 million African people. The Central Bank lifts the ban today, but can easily return it tomorrow. Still, you shouldn't relax. This seems to be positive news, but it still remains insignificant. Cryptocurrencies are designed in such a way that neither approval nor ban by the central bank is required. All transactions in cryptocurrencies can be carried out directly between all cryptomarket participants (p2p).

Did you see in the bitcoin whitepaper, written by S. Nakamoto, that to use bitcoin you need permission from the central bank of Nigeria (or any other)? I didn't see it either.

I don't live in Nigeria but for sure there has been significant changes in the activities regarding cryptocurrency in the region

Those who have enough trust in cryptocurrency probably kept on using it but there would be some people who will rather not risk it and quietly stop doing activities regarding cryptocurrency additionally now there can be more acceptance from the general public upon the lifting of regulations set by the government itself

Though the ban the government placed previously affected some bitcoiners in Nigeria because Nigeria is a country that it's citizens respect and regards government orders and lots of bitcoiners were afraid of losing their bitcoins and crypto investments should government finds out that they're still involved in crypto related activities but however, I commend the government because despite placing the ban initially, they weren't strict on Bitcoin hodlers and investors within the country because they know quite well that some well meaning Nigerians are still into cryptocurrencies.

 I also applaud those that were resilient and determined despite the government initial order on crypto currencies but yet they stood strong and were still very much active on crypto activities, I believe that government finally lifting the ban is a welcome development for Bitcoin Investors and hodlers within the country.

 I think this announcement deserves a toast by Nigerian Bitcointalk members in this great forum!

The ban did not reduce the rate of bitcoin adoption in the country but more people kept investing in bitcoin but without the knowledge of the government since the exchanges, both KYC and Non-KYC are not regulated by the government. This is a good move by the Nigerian government but I still feel this lift of ban still has something to unfold more for us. They might be seeing more adoption and want to regulate its use by imposing capital tax on investment in them, we shall see how things unfold more in the soonest. But overall, this is a good step by the government as we await to see more people embracing the use of cryptocurrency in the country.

That's the point mate because they think that banks will be left alone if they did not adopt
that way so yeah better to take off the banned and yes to join the market specially in bull running season
that they believe soon to come , and Nigerian is truly coming into crypto nowadays that made them come
to this decisions.

It's not only us who are paying close attention to developments in the crypto world, in this case BTC, even though it is not yet very clear, bankers are also diligently following the ups and downs and developments of this virtual currency, wherever they are.

Well, regarding this news, I think it is good news because there is more space for cryptocurrency lovers in the country to have more freedom so that the growth of cryptocurrency adoption in Nigeria will accelerate. Buying bitcoins also has varying degrees of anonymity and is very similar to cash transactions.

It is a good new for the crypto community in Nigeria, as it has been the only African country that has been leading in crypto adoption. They have been leading a life of hiding with the ban placed earlier by the central bank. With the removal of this ban, new ventures and startup will come up, and it would create a lot of new opportunities and employment in this industry. I was once checking Google trends to see which countries search Bitcoin globally and to my surprise, Nigeria was leading in search volume globally, not sure whether they are still at the top.

Wow, congratulations to you guys didn't the Nigerian government in the past month has been on a crackdown against cryptocurrency and that there's only the hotel there that's accepting bitcoin payments, that's the thing that I know on the situation of crypto in the country and thankfully you guys there are getting the freedom you deserve although the ban didn't have any big dent on the bitcoin adoption there but it's still a welcome thing to happen, no more getting antsy if you're dealing with crypto because there's no ban to worry about anymore. Another win for cryptocurrency market!!!

There has been changes in government. New president was elected some months ago. 10% capital gain tax was included in 2023 Financial Act for cryptocurrencies which the incumbent president signed. The CBN governor that banned bitcoin and other cryptocurrencies was removed and replaced by his assistant before the present CBN governor was put there. The former CBN governor is illiterate to cryptocurrencies in regards to how it handle cryptocurrencies. It is not about them seeing that they are losing but there is a change in government.

We all know that regardless of these restrictions, Bitcoin adoption kept increasing in Nigeria. But making the country more Bitcoin-friendly will increase the adoption because more people will be aware of the coin. Bitcoin services will now be advertised by banks and this will attract bank customers to invest in the sector. People will always think that anything approved by the Central Bank and offered by banks is legitimate. I have also heard of intimidation of Bitcoiners by law enforcement because the government was anti-bitcoin. Such illegal arrests and intimidation will be reduced or even end because of this great news from Nigeria.


I think the past government hired the services of archaic and rigid economists who knew little or nothing about global economic dynamism. The CBN governor and the finance minister came up with strange policies that nearly brought the nation to its knees. I am happy that the CBN governor who championed the fight against Bitcoin is now facing charges of corruption and economic sabotage.

I used to think that Bitcoin was not banned in Nigeria because of the high activity of members of the local council here. All this alarm and trying to convince people to invest, and Bitcoin is illegal in Nigeria. It seems that things would change if the authorities approved CEXs and gave them licenses so that it would be easy to deposit and withdraw to the bank account, even though I think it is better to invest in Bitcoin ONLY in the long term, but this step will reduce the fees paid to P2P brokers.

Good, I remember there was a thread before regarding the fight of Nigerians to have the Central Bank of Nigeria lift the restrictions of crypto and it's good that finally that they did. We all know that Nigeria is one of the biggest country as far as crypto transactions is, so this is really a good news for them.

Hopefully though other neighboring nations will also adopt crypto in general, of course infrastructure should be the priority but if they really wanted to be in this revolution, African nations should not be left behind with this technology and it can bring financial freedom to their people.

In the foregoing this is what I can only describe as a welcome development and a sign that the Nigerian government is gradually understanding the trend the modern digital financial system is taking. That been said I'll love to ask a few simple rhetorical  questions concerning this development:

√ At the time of the ban 2017 and 2021 respectively, restricting banks from allowing individuals or companies from use bank's to carry out any crypto related transactions, within this period of ban many bank accounts suspected to belong to crypto users were confiscated and asset seized. Now with this new development will the banks reopen those accounts bank to the rightful owners and their seized assets returned? Because this is one of the only way I'll start taking this news serious from my end.

√Secondly, why restrict banks from engaging into crypto business of their own but just only individuals and companies with the bank only acting as an agent? Is there a good reason for this, I wish to know!

The lawmakers and the executive arm of government were mute about bitcoin and cryptocurrencies. The Nigerian SEC have always been in support and called for regulation even during the last government regime. Other regulatory bodies were also mute. Only CBN ban cryptocurrencies. If the government did not ban it, it means cryptocurrencies is not banned in Nigeria as long as you are using P2P.

There are exchanges that have offices in Nigeria that are not well known to people outside Nigeria. After the CBN ban, they continue to operate after they halt deposit for awhile and enable P2P or something related in a way not to disobey CBN. CBN has nothing to do with P2P. Exchanges outside Nigeria did the same and P2p becomes the means we buy and sell cryptocurrencies.

If Nigeria ban cryptocurrencies, only what they will do if they are strict is to tell internet the service providers not to let Nigeria to be able to access those exchanges like what the government did to X when it was called Twitter like 2 years ago. Also telling the exchanges to block Nigera IP addresses. But the government did not ban cryptocurrencies. Cryptocurrencies are not banned in Nigeria.

That's a great news I would say, I know how popular Bitcoin and Cryptocurrency is in Nigeria and this will only bring more users into the Crypto verse from here.
A bullish news in a bullish season, what could happen now? you all know about that ;)

Less than 120 days left for Bitcoin Halving.

Not to blow up good news but when did the ban ever stop Nigerians from using Bitcoin, just look at this very forum lol

I mean, I've been using it regardless legal or not, in fact kinda prefer it to not be clearly legal because it seems scams pop up when it's legal... leading to ppl losing money, and Bitcoin getting a bad name.

Remember, Bitcoin is freedom money :)

Yeah legend, the ban placed on cryptocurrency in Nigeria didn't affect most Bitcointalk members here from Nigeria and other crypto enthusiasts because we all were optimistic that the ban will be lifted some day and the recent news can attest to our optimism so just as you said it will be nice if the government approve CEXs and give out licenses for more easier transactions and definitely the commission being charged by P2P traders will eventually reduce. Moreover, Nigeria Crypto investors are mostly concerned about Bitcoin that's why we're also seeking for it's adoption to be officially introduced.

It didn't add or remove anything, despite that Nigerians are being influenced with any little news on something, this banning on banks confirmation of Bitcoin transactions was even a good development for some bitcoiners because many Nigerian's don't want to do anything with banks why because banks in Nigeria are one the problem we are having today, so people prefer the p2p system and the see it being more convenient for them, you unnamed a process and added a kyc stuff to it, is this not indirect cemsorship, that's to say that they want to know everyone and everything that happens in the system and the can decide to hold you transaction too if care is not taken, to me I never felt the ban itself, there is nothing to rejoice for here.

If that is really the decision of the government in this country, I can say that it is really good news for all the crypto enthusiasts who live in that country. That's a big thing to be honest and equivalent to that it seems like you will be able to breathe properly through the step taken by your government.

Because if the ban on cryptocurrency has not been lifted, what the crypto fanatics are doing there in Negiria is too complicated to convert the profit they get from crypto into your currency, but now the situation is different.

I knew is all about delaying the inevitable. Instead for past government to study pros and cons of cryptocurrency and devices their own frameworks concerning they went ahead to ban it but we are glad we are back on track

Well, it's not easy to remove the stems of roses, it's better to let them grow beautifully and take advantage of their fragrance. Fortunately, banks are starting to realize this before the growth of bitcoin users gets out of control underground.

The Central Bank of Nigeria's decision is awesome. Consider the implications. First, this legitimises cryptocurrencies in a significant African economy, which may inspire others. Why is this important? Because it shows a change from official scepticism to cautious acceptance of crypto. Bitcoin integration with existing banking institutions connects two financial worlds. Integration benefits millions and transforms global financial markets. How does this affect average Nigerians? It offers financial inclusion, especially for marginalised groups in conventional banking.

Finally, it could promote fintech innovation in Nigeria. Jobs, foreign investment, and a stronger digital economy are at stake. Let's celebrate and await Nigeria's economic transformation from this decision. Bitcoiners and progressive financial ideas won.

Be careful trusting the government for lifting the ban, they don't have a clue about how youths and citizens of the country are making a lot of money from crypto, if somehow this gets out there will be problem.

The most important thing about the Nigeria government is they always want to make money out of everything, either legally or illegally they don't care, you guys can face any new challenges soon, crypto is still very much complicated right now, which is why many don't know too much about it.

Also crime rate in the country is very alarming, there will get to a point where those who have crypto will be targets, which is why I won't advice you to link your bank account with any crypto related exchanges, keep using P2P services only, just for future security purpose.

Many Nigerian youths are interested in Bitcoin, and despite the ban, they continue to try to introduce people to Bitcoin. There were several cases where they were blocking accounts associated with Bitcoin and did not stop Nigerians from investing and preaching Bitcoin the ban lift is good but would have left it the way it was because now they are entitled to 10% of assets so they want to start getting their cut, and that is why I don't like government involvement in things like this because all they will care about is their tax and nothing else. The majority of people will continue to prefer p2p because it is simple to use, but the direct involvement of cards and other means of deposit will appear strange now, and I will continue to use p2p. And I've seen how hugeblack love Nigerians, so we'll extend an invitation someday Nigeria is a beautiful country to visit.

This is just a tip of an iceberg, we should expect more to come from the new government by first having the confederation of the massive youth interest in mind, the earlier the better the Nigerian government understand the needs for them to realize that they need to support the people and what the people want is financial freedom, people are tired of being under centralized authorities and regulations, this alone will grant more youth the opportunity to confidently engage in bitcoin and make use of the p2p network for their financial and economic activities.

This is a great news for the Nigerian community, the ban has really hampered the growth of cryptocurrency in the country. Crypto enthusiasts can now interact with cryptocurrencies without the fear of the authorities breathing down their necks. Few hours following the lifting of the ban, there's another news making the rounds that some of the leading banks in the country are collaborating to launch a novel stablecoin cNGN that will be pegged against the Nigerian naira.

That's wonderful news! I've seen lots of inspiring threads here about Bitcoin adoption in Nigeria, and it was unfortunate that it had to be going on in spite of restrictions. Now that the trading ban is lifted, it makes the de facto situation okay de jure, and it's also paving the way toward more reasonable, crypto-friendly regulations in Nigeria that would embrace the entrepreneurial activities of Nigerians. I don't think it's big enough to affect the price of Bitcoin globally, but it's still very positive news because Nigeria is often mentioned among countries that have a lot of crypto usage.

I think this is the best gift for Nigeria and the world of crypto before Christmas and New Year. Because what I know is that Nigeria is one of the countries with a high enough crypto adoption in Africa. I also think this is the right action because like many countries that have allowed crypto with several regulations, of course this is a win win solution for the government or crypto fans in Nigeria.

Seriously the ban affected some people but also effected the adoption of bitcoin positively. Since the ban was issued more people have come towards the bitcoin than before it was banned and the government which is actually a new one had to find a way to curtail this and found out that they should allow or join them. My opinion is the government still has a Hidden agenda to This and my biggest bet is that they will want to tax the crypto users. For now I will advise sticking with P2P for the main time because direct use of the banks will only incur tax which we don’t know the exact amount.


What’s your prediction for the price before bitcoin halving?

But before now I'm aware that bitcoin has being ban in nigeria and during that time the vice president have to announce that bitcoin can be restricted or regulated instead of ban. Its clear that since 2021 we have not operate with nigeria central bank to transact with bitcoin, but we are still exchanging our bitcoin through p2p, so what I want to ask you now is that can government also restrict p2p too, since we have been making use of p2p according to this information brought by our nigeria blood brother

It's good news that the ban has been lifted, but there is more to that than just a lift. Though this is a new government and crypto-related transactions were banned by the old government, I think the new government might see an opportunity in Bitcoin and cryptocurrency at large.
 
We are yet to know the real reason behind this decision; hopefully it doesn't get bad because it's just a mere statement that can be altered in no time.
I see people saying things about taxation, but I'm not worried about it because Bitcoin can be used with or without anybody's permission, so there is a way out of the taxation that they are anticipating.

It is impossible to fight against bitcoin. No matter how hard governments try, it only makes bitcoin stronger and stronger because its fundamentals are solid and it gives people freedom.

I'm happy for the people of Nigeria because it's always good to be free to do whatever you want, including buying bitcoins.

But I thought someone made a post long ago saying that Nigerian government didn’t have issue with individuals buying or trading cryptocurrencies but with the banks doing so? Are you saying that regardless trading cryptocurrencies has been illegal in Nigeria until this news? Anyways, this is great news. I love to see when adoption happens. Maybe your country has finally seen the need for cryptocurrency in general and have regretted their earlier actions.

The bottom line is that,  Nigeria have lose money from the action of the so-called CBN governor who is now in jail for fraud and other financial crimes, the just past cbn governor is the genesis of the Nigeria economic problem,  he is so uneducated and arrogant in his approach to issues as regards to the financial systems.

Since we have a President that knows what he want we are beginning to see changes and the lift of the ban on bank/crypto transaction is one of such even though it just a carry over from what the just past president signed before leaving office,  but since it happening in this time,  we have to give the credits to the present president since he is the one the ordered the arrest the CBN governor.

This is a welcome development in the most populous country in the African region. There is a huge market in the country, and even a bigger potential in terms of further adoption. Bitcoin is now made more accessible with this update. Considering that the country has a high inflation rate, Bitcoin as an alternative way of saving is now made a lot easier for Nigerians.

The CBN has probably realized that if you can't beat them, join them. I believe this is a precursor for the banks to eventually be allowed to offer crypto custodial services, which is still prohibited under the new guidelines. Bitcoin is slowly but surely gaining grounds.

this is positive news which can increase the adoption of bitcoin in nigeria and at the same time increase bitcoin capitalization globally.

and perhaps this is the first step before a much bigger action which could make bitcoin legal tender in nigeria, who knows what might happen? because we have seen several countries starting to be interested in making bitcoin legal tender in their countries, most recently we saw that el salvador was successful in doing this, then argentina has started to design a legal standing for it, and maybe other countries will follow this action.

This lifting of ban is a welcomed development in the Nigerian crypto space, because it will pave the way for a wider adoption of Bitcoin in the country, because before now there had been mixed feelings about cryptocurrency in the country. People mistook the central bank (CBN) ban on banks not to facilitate cryptocurrency transactions to mean that Nigeria, has placed total ban on cryptocurrency usage, this misconception really affected the adoption in the country, because many Nigerians, saw Bitcoin as illegal in the country, and won't have anything to do with it.

The government through it's CBN lifting of the ban on banks to facilitate cryptocurrency transactions will now set the record straight that Bitcoin is not a scam, that it's a legitimate business that people can invest in and use as an alternative means of payments in the country.

When crypto is banned in a country, it doesn't mean that every citizens who still use crypto will face a death penalty or go to prison, the ban means that the centralized country won't accept crypto as means of exchange in the country and that means cutting ties between banks and crypto holders or traders.

To me it's not that of a great news, because Nigeria is not a well established country, full of corruption so them lifting the ban on crypto is a sign that people can be robbed if they know that you are involved with crypto, there might be a way that the government will make people pay some tax on crypto.

I know the country too well, they only become friendly with something they can benefit from, there will come a time where those in power will make money from crypto adopters in the country.

Indeed it is a piece of good news. I am giving it a nice perspective in terms of "high earning". As far as everyone knows NIARA does not have much value in the market OR it has a high conversion rate against USD. This means anyone earning money from an online source can be crazy rich locally. Just take an example of a Nigerian individual who is working on a forum under a signature campaign getting 60-100 bucks every week. The conversion of this comes to a whopping 55-90K Niara. I know I still have to consider the inflated rates of products and services but that much money can actually buy a whole lot of things within the country. Considering the fact that they working for a remotely-based company with their skills and earning more than 1000 USD per month can be 7-8 figures income for them.

Now, the channel is open for Nigerians as the central bank lifts the ban on Bitcoin. This is indicative that they would easily earn money in Bitcoin form, and trade is easy. If Bitcoin merchants are not available then they can also exchange the same locally and get things done. I think so far that's the perfect decision for them.

This is great because this event holds the promise of expanding the adoption of cryptocurrency in Nigeria and across Africa. It will also boost confidence and encourage more individuals to explore the benefits of digital assets. May this lifting of restrictions usher in a new era of growth and acceptance for cryptocurrency in Nigeria, contributing to the broader narrative of its positive impact on the global financial landscape.

this event goes to show that a certain country which has very strict laws towards crypto market can still change their stance depending on the current developments within their political system. with the rising interest in crypto not only in btc, countries for sure are already looking at the opportunity on how not to miss the potential of this market to their economy.

i have strong feeling that some of the countries which banned btc in their financial circulation will change their mind very soon. as this market can continue without their approval, they have no full control of what's gonna happen for this market. it will continue to grow even without their help. as long as its people have their net connection, they can participate in this market in so many ways they can imagine.

more then likely, those countries that still have very strict approach on this market are already considering to be lenient on this. but we can understand if they will take time to announce its change to its people. after all, it is contradicting what they already said to its people, and that is like a slap in the face to their government.

The ban was in the use of banks in executing cryptocurrencies p2p transactions, I don't have the data to show for now but from what I know there were many bank accounts that were freezed by the banks because they were used for crypto transaction deal at the time the ban was in place. So it's a goodnews to see that the banks can now be used for these same transactions now the ban is lifted and made legal.

You have been using it on exchange p2p and the fiat you receive as transfer from the trade are done in coded communication between buyer and seller  thatt it has no crypto related words for the banks not to have evidence to show for it , as far as I know that's how we have been doing it not until now the ban is lifted. As for giving crypto or bitcoina bad name, there's no good thing in this life that has been giving a bad name but those that knows it's genuineness always filter the noises.

Bitcoin is largely unregulated in most countries even though some of them ban it or restricted it in a way or another. Some governments just noticed how much they can profit from it and decided to reverse the ban, others are trying to regulate it and so on.
I think Nigeria made a good decision to lift the ban and hopefully other countries will follow and reverse the nonsense they are doing.
These countries see Bitcoin as a threat to their banking system which is a lobbyist after all that seduce politicians to ban it for their pure interest and not people's one. You can change Bitcoin by anything banned in these countries and you will find the same situation where people interest are the last thing to take on consideration..

Actually in statistics of Africa continent Nigeria is the highest country in Africa that make use of bitcoin most, and if not the previous government of Nigerian by now bitcoin would have been a legal tender in Nigeria but the previous government was myopic of bitcoin and also unable to understand the important of bitcoin in future and that is while they restricted the uses of bitcoin, so right now a new president has emerged and also noticed important of bitcoin and it makes a bitcoin to be valued and recognised, so it's a really a welcomed development from my perspective.

It was a nice news to all the users in the cryptocurrency ecosystem world in the country and there was jubilations around the country though it is not yet legal tender but the government just redirect the CBN to lift the ban place on cryptocurrency in the year 2021. I think this will also help the country economy to grow but it will not grow when Bitcoin is officially adopted on the country and all the commercial shops can accept and use it for transactions. But the taxation will be there for everyone to pay. Though it is the Centralized Exchange platforms are the ones to pay the taxes direct to the government while in return we the customers to the exchange platforms or the users of cryptocurrency in the country are to pay for the tax through the transaction fee.

The tax is not a new thing to us because we have been paying tax since. And now that cryptocurrency is accepted in the commercial banks then the direct buying and selling will be nice. The vendors of this exchanges are something else.

Good news for the Nigerian fellas but I doubt it will affect or help increase the capitalization globally because if I am not wrong in the past Indian central bank has had similar restrictions but crypto is still not illegal in India later the lifted ban by their Supreme Court haven't contributed much in bringing more capitalization to bitcoin or correct me if I am wrong.

Of course I can say the ban wasn’t so deep to send one to death penalty (doesn’t mean a country can decide that). What I was saying was that someone once posted or said that the Nigerian government said they weren’t talking to individuals but to banks and something like that.

Anyways, I do not see why this isn’t great news. I’m sure that before now, the citizens of these country must have been doing their cryptocurrency transactions illegally (because it was banned), at least now they can do it legally and it’ll open room for new cryptocurrency innovation in their nation.

I don't have any data to show either but Nigerians on this forum would be making it very public if it happened to them but I haven't come across anything. I don't really understand how banks can monitor p2p but we're probably talking about huge volume traders who anyway must report txs because they do business on high volume but normal users like us never need worry.

Good news for business, nothing impactful for Bitcoin users.

    The lifting of the crypto ban in Nigeria is a very good step towards the adoption of the cryptocurrency, Nigeria being one of the populous country in the world with youths full of zeal to work and looking for better ways to better their lives. It is not new that even while the ban was is imposed some people still uses crypto. With the  government of Nigeria giving their backings to cryptocurrency other countries too will want to adopt it as well.  Nigeria is one country that’s a lover of bitcoin and cryptocurrency as whole, they see the space as an opportunity couple with the current economy crisis in the country, a lot of the people in the country are senior crypto advocates and enthusiasts and being one of the fast growing technological country in web3 space and crypto. The adoption of bitcoin is just inevitable.
   This s a good news to Bitcoiner in the country, now people can now venture into crypto without fear of the government. And not only those it’s favored the people of Nigeria alone but the crypto space as a whole cause those who were scared of investing from the initial can now. Nigeria being one of the largest countries in Africa will  surely have huge influence in other African countries too. It a win win for crypto market for more people and countries to see the light in crypto.

I see the CBN of being tired as the ban likely yielded no result, Therefore lifting of the ban or no lifting, crypto enthusiasts in the country are already good going since after that they placed the ban on cryptocurrency transactions, the only impact I see with the ban lifting is that we can now run our crypto transactions peacefully without any central bank or bank hurting of our business dealing with cryptos or in some cases get our bank account banned if they suspect your activities of dealing with cryptos, and furthermore there was this fear that they created initially as a result of the ban, which made some investors in Nigeria slack back in dealing with cryptos and right now, they have every reason to invest.

Binance P2P was the most credible alternative for Bitcoin traders, hodlers and investors during the ban of cryptocurrencies by CBN, I think anonymous transaction between a seller and the buyer of crypto without any remark on the transaction had really helped in smooth transactions, now with the lifting of the ban a lot of crypto related business would begin operation and more jobs would be created, I think this is a welcome development by the government of Nigeria having known that majority of the youths are into crypto related stuffs and more income would be generated by the government in form of tax on crypto related business.

I don't know why it happened,
perhaps the decision to lift the ban on cryptocurrencies may be dictated just by the desire to exploit the potential advantages of blockchain and digital currencies as many countries are doing.
see power plants for miners, attracting investors etc. but we don't care.
We are just happy for the good news, for you and for all those who believe in the mass adoption of bitcoin