Bitcoin Forum

It is becoming more strict to transact crypto in Nigeria as the CBN now plant agents on Binance P2P to trade with you and intentionally add crypto keywords to the payment transaction so it can alert the bank to block the receiver's account.

This however is becoming outrageous for the Nigerian government and with no single doubt, the non-compliance of the young Nigerians not believing and making use of their newly launched E-naira must have triggered this action.

These wise traders are just exhausted of having their money controlled by the government.

Source: https://cointelegraph.com/news/nigerian-banks-tracking-customer-accounts-for-crypto-trading

Sad to see this happening in Nigeria and its like that they are closing the doors of their citizens to learn something beneficial to them and it looks like their government doesn't want their citizens to improve their lives by discovering new technology which can possibly give them decent income. Anyways hopefully we can see a change of decision here since imposing a law like this is quite not good for people and its adoption.

Because a poor and vulnerable population is easy to control. They are scared that if people look for other ways of earning wealth away from their reach, then that would mean that they would not be able to control and manipulate the population.

It's a war the Nigerian Government will never win, the best thing they would try to do is maybe regulate crypto trading and maybe tax, but banning? Impossible.

No news can down crypto market now. Day before age China has bann crypto in their country and everybody was upset that market will brack down. But that did not because of cryto investment. Now huge investment came specially in pandemic season so now crypto market will run its own way and we have to continue it.

It's so disheartening how the Nigerian government are the ones terrorising the same country they're being voted to governed. Though, there are many society causing chaos in Nigeria like Boko Haram, Biafra to mention few. But the truth of the matter is the fact that, the Nigerian government are the ones committing the highest crime in history. Well.. I have no idea if your state are experiencing this same bad governance too but this is a country I was born and raised so I know statistically how bad the county are being ruled and its current condition. The leaders have no integrity when it comes to money, which however make them more centered on their own self-interest while the country economy is dying on a dailies.


You're very correct. But I'm afraid I might consider leaving the country in the nearest future if this unpleasant continues. Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

Nigeria has lost it completely 🤦‍♂️

They certainly won't be able to arrest every youth who is using crypto. How big would Nigerian Prisons be?
In a country where the Government is disorganized and corrupt. I think one thing is bound to happen if the youth teamed up together, and that would be to overthrow the current incompetent government.

I have been watching International news at times from stations like Aljazeera but everything that seems to come out of Nigeria is just sad. From Kidnapping school girls, gang attacks in communities to police brutality. I certainly would have left the country a long time ago if I was a citizen there.

Nigeria is oil rich country and member of OPEC but its heartbreaking to see its internal conditions. I mean they have greatest resource any country can dream of but they are not utilizing it for there own development.

Leaving your own country is not an option for everyone, since not everyone is that rich.

Nigeria govt must focus his attention on core issues rather curbing the crypto enthusiastic. In p2p wallets, there is no way any organization can catch the crpto user. It will be just wastage of time chasing such guys.

They can't do that. If there's a solid proof, please share it here. AFAIK, it's only a banking ban that's imposed on crypto users. Possession of crypto is not like possession of an illegal drug that's why banks only freezes your account and ask for personal information. They are not even allowed to forfeit your balance.

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I wonder what's the next step for Binane, Paxful, and other P2P platforms operating there. Having these planted agents will definitely decrease their user base.

Well I believe the banning of crypto exist in that country but I really don't care they will detained people especially minors for just downloading the app and if that really happen there for sure a huge protest will happen. I also need to see the source first before giving a conclusion towards that implementation, But I do hope all of crypto user there is fine and this kind of banning will be lift out by their government.

I guess most of all crypto people knows how to hold or hide their portfolio if he wants. it is not an obstacle.
but the moment that decision becomes final and active, Binance and probably all other exchanges will disallow Nigerians to use their platforms. Maybe only non-KYC services where they will must using VPN or something like that.

8 years later than the US...
I always warned poeple that just because you do P2P transactions it doesn't mean you're safe, and even if you deal with a trustable guy in the market you're still exposed.

Just talk to your friends who are not into crypto and ask them how many bank transactions with other poeple they do a year, the number is minimal. Somebody who is active on p2p is doing hundreds a month, a simple query from the bank and they can track him easily. And all they have to do is pick one by one the guys who have sent him or received money from him. Easy as ....pie!
It takes one transaction from an undercover agent to find the account of that trader, then the bank will give the police the entire list with everyone connected to that account, then they will pick those and see where it spreads.

In this case, you don't try to hide all your life, you try to change the laws.
I always see poeple from Nigeria bragging that there have 10, 20 even 30% of the population involved in crypto, where are those 60 million protesting about these laws?

I can help sending the funds.

If you need to transfer the funds i do it for 15%.

Because of the ban imposed by CBN the daily transactions of Nigerians using P2P via binance had drop drastically infact thevnews article below said it all. But trust Nigerians they will always find a way out, crypto has come to stay I don't think there is any clamping down or banning from the government can stop crypto enthusiasts from using it, especially Nigerians whose teeming unemployed youths had fully embraced crypto trading as their main source.https://nairametrics.com/2021/11/15/nigerian-bitcoin-p2p-trading-weekly-volume-drop-for-by-43/ income.
Link:

It's not surprising to see this happening to their citizen knowing that they are been restricted to use this and might they will be in big trouble if they oppose what government order to them. But hopefully their government will realize that they are doing a huge mistake for not adopting the huge innovation of technology. But maybe in future we can see them roll up on this industry and will not ban bitcoin in future.

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

That's the whole point of banning, the government has a "better" product for their people and that's why they're trying to eliminate the most popular one and that's cryptocurrencies and mostly, bitcoin.
A government that wants their people to thrive and sees the statistics that they're one of the top markets, they'll take advantage of it and will do something favorable to monetize it and benefit from the stats that they're having for being one of the biggest crypto market in the world.

I don't know about the product introduced if this is true then maybe this could be a source of corruption since this could be used for certain things which the politician could benefit. Maybe people should boycott if something like this will come to them so that they will realize that crypto is important and they could adopt it since this is the most preferred currency by majority of their citizens.

Their government doesn't see the real value of bitcoin yet that's why they decide to put this action towards cryptocurrency. But I believe this banning scene will not last for long time since knowing how good the potential of bitcoin is and if the adoption and mainstream media awareness provably this could change the outlook of government toward the bitcoin and other crypto.

I think that it's relation is about that they'll build their own crypto soon so they're trying to remove the barrier and that's through banning. I also think that the banning sequence will stay for long. Just like India, they've been known for banning crypto but eventually has decided to regulate it. So this is going to be in the same shoe as Nigeria that they'll look at that matter because it's going to work for them and their citizen to have a regulated crypto market within their country.

Well this could be good for their citizen if their government planned to run their own crypto but they should assure that they can handle the volatility well knowing they cant still control its growth especially the surge of buy and sell in the market. But if there's something evil plan towards creating this maybe its good for their citizen to boycott this so that they their government could see that people doesn't want their current implementation.

I still think that restraining people to use crypto is just sad. Crypto is a freedom, and the idea of maybe they are planning to build their own, it will start as a regulated crypto that is governed by the government. I know crypto will not remain unregulated, but I think we need to experience its greatness before it does. For sure there will be lot more of rules and regulations for crypto in the coming years once the government figure out how to take it by their hands.

Nigeria or any other country can't forever ban the crypto currencies. When they will see that that people are still using crypto and also other countries are adopting it, they will have to change their decision of banning and think on regulating crypto. Its just a matter of time when crypto will be legal everywhere.

They can if they decide to close their door to crypto forever since they can implement a total ban without turning back on it, but hopefully they will realize that there's a huge piece on or money they messing up for this banning. But I do hope that this is temporary only since the participation of Nigeria is important in crypto knowing that they are one of the best country to adopt the changes and make it as a legal tender since this could contribute to make their economy grow.

Firstly, no government of a country can totally ban Cryptocurrency and they already understand that crypto is inevitable.
Having said that, I have said it in some of my posts before now that the Nigerian government is following the footsteps of the Chinese government and I don't know if they by any chance seek a piece of advice from the Chinese before creating their CBDC.

I dont know about Nigeria specially but worldwide every coutry that is restricted have general problems with their goverment.

I don't know if we can call it that way but I think one thing is for sure here they want to use that as market distractor since we see that spreading when market starting to collapsed but unfortunate things to them this fud didn't hurt the market totally. Also there's hidden agenda on that implementation so I think people should be aware on that.

I also think that this banning implementation will not last long knowing crypto is now gaining popularity in the mainstream.

Nigeria has long since been labelled by the West as the Scam capital of the world and now the Nigerian government are scamming their own citizens? They do everything in their power to Stop Bitcoin, but their own shitcoin is being supported.  ::)

This is going to become the trend in the East too... with China and their Govcoin and some of the other Asian countries. When you have a totalitarian government... they misuse their power to retain their power. We saw what New York did with the introduction of the Bit License in the past. (barrier to entry to stall Bitcoin adoption)  >:(

I think they didn't do it deliberately, as far as I know, everything is not so good with the economy in Nigeria, if they thought well, they could raise the economy with cryptocurrency by injecting new money masses, but it's easiest to ban, for example, El Salvador, they passed laws with bitcoin and everything is fine with them.

The progress of the nation is seen from its government. If the state bans cryptocurrencies because of unnatural welds, it is equally afraid if its citizens become smart and advanced. If you can share opinions, in one of the asian countries, Indonesia on the indodax platform has just added two new crypto assets, although the news mentions their country has not actually legalized crypto as a financial transaction tool.

They don't want to create a good innovation on their country since their government want their citizen to be outdated and doesn't have knowledge on the tech so that they can still continue to manipulate them for their politicians benefit maybe when election day cames they should elec the real leader who can give them better platform and have political will to enhance their current status and also the one who adopt the new techlogy as well bitcoin and other that can help them improve.

Nigeria was actually going very fast in this field and their whole youth was actually going crazy. The govt should had supported their people instead of blocking their way. Sad to hear about such a move, though it won't stop people from using it but it surely will bring the govt and the people face to face.

Nigeria continues to ban cryptocurrency because it has a negative impact on their economy, and allowing it would mean losing control over their customers. Customers will have complete control over their money, while Nigeria's central banks would lose money. To keep its clients, they introduced E-naira.

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This ugly decision of the government of continuous ban on crypto has indirectly affected the fast money making avenue in Nigeria which ordinarily should be benefiting the youths who graduate from school without any employment nor source of income.
It is a step of backwardness on the part of the government by preventing the interested parties from benefiting from the global trend of digital currency

I can see now that utilizing Binance P2P has been giving me issues. Why are they acting in this manner when they may even be pleased that cryptocurrencies are lowering their unemployment rate? They should be aware that despite cryptocurrencies being legal in Nigeria, not everyone would use it. So they now oppose our happiness.

Many governments are not allowed the crypto because they don't have any law system for it. Therefore, they choose to ban it for make everything easier

Nigeria showing One of the reasons that   for banning the cryptocurrency is that its country's rampant corruption will increase its money laundering and illegal transactions through Bitcoin and that's why the bann cryto . I think banning is not the only solution They could have kept it in a stable state and should have looked at acquiring more capabilities to control it.  I think this work is not only for Nigeria but all like minded countries should take action on this matter #Banning crypto is not the solution.

After all, news like that is common for banks in a country to be banned for bitcoin, what needs to be underlined here is that bitcoin still exists, even though there is often bad news every year.

What the government is doing in Nigeria is not good news for Crypto enthusiasts there. The crypto lovers out there should now be thinking of an alternative way so that if the cryptocurrency does go down, they won't have problems in the end.

I just hope that eventually, the Nigerian government will realize that crypto will help them a lot in the future, I hope they don't see negative things in it.

become a dilemma for young people in Nigeria, when they want to keep up with the development of cryptocurrency technology but on the one hand the government forbids it, I think because the government doesn't understand what bitcoin really means, which finally caused them to decide to take this action against cryptocurrencies

In deed, this is as sad as it is true.

I had doubt about how crypto transactions in Nigeria could be censored or controlled. I mean considering the fact that most of the platforms for exchange are decentralised. Little did I know about the medium of payment for crypto exchange!

I wanted to clear that doubt, and in an attempt, included something like "Crypto Payment" in a narration to complete fiat payment for purchase of Crypto. I was amazed when I was told, "This platform doesn't support then word Crypto in a Narration.

The world's advancing and embracing change that helps achieve more at less cost. But it's funny and short-sighted how some group (countries) would turn away from such changes. I mean Where Are We?

No matter how the Nigerian government try to impose ban on the use of crypto currency, we still, however, rank high as one of the most users of the crypto for varying transactions or trade. The e-naira is insufficient to meet the grown needs of online users, in that it is limited to the currency in use, by making it available in digital form for exchange. Other governments may be open to the crypto currency trend and adopt it legally but they also try to ensure policing agencies online help prevent a rather malicious use of the crypto currency for other criminal or laundering activities.
Hopefully with a new government to be elected and sworn in by next year, we hope to see a widespread embrace of the crypto currency already in existence for trade and commerce. This will help curb inflation too.

I think even this current Government have found out they made a mistake trying to replace it with E-naira. We could see they are trying to cover some ground by there recent events. The partnership with Binance to educate youths about blockchain is already a sign that there is hope of its legality

You're very on point mate. It is very disheartening that the Buhari led administration put a ban on cryptocurrency but one thing I know is that cryptocurrency has come to stay and the government cannot stop it. Crypto is not all bad and there are individuals who are making honest living from it.

I think this is a very unfortunate thing. especially for its citizens because the prohibition imposed by the government will of course make a setback in terms of knowledge, especially in the field of crypto currency.

Oh no! That's like 95% of the Cardano business plan lol. I used to follow that guy on Youtube but not anymore. He was learning too much about marketing from Trump and Elon and getting a bit annoying.

You know our country is not what will make her citizens happy and the government and those who is governing the entire country doesn't make things easy for their followers because they sees it as a means of suffering the poor masses by setting a restriction to limits her citizen from transacting directly with crypto to banks which makes them feels as if their e-Naira is not recognized and valuable but believe despite the limitations there are still p2p services across many other platform which doesn't only limited to Binance but across other places.
We also had others who was rendering p2p services in the forum to by cut their laws and restrictions, sincerely speaking i have thoroughly failed up with our government with naive characters.

We've come a long way since this post was made, I think the restriction on crypto has lessen so far

Banning crypto by any government means they want to deprive their population from a technology which is going to be the best payment system in future as well as this technology can potentially create new job opportunities for IT graduates.

Some government authorities ban crypto due to lack of regulation & think that crypto is highly volatile currency which is risk to investors. The solution is come up with regulation and control  it like other financial market.

Which ban are you people talking about? is it the ban as a result end sars protest in 2020. It is all political and we have moved past it, although many indigenous P2P exchange had closed, like Luna and have not come back. I suspect a scam exit to steal some platform users fund. However, Binance has improved his service in Nigeria so well, even have staff on ground in the country. The type of investments and awareness is so massive that I dont see any indigenous P2P exchange competing again. Lets just look into the future with cryptocurrency and see how the country can benefit from it

Since the ban of cryptocurrency in the country by the current administration in government it has not been easy for the Nigerian youths that are involved in cryptocurrency as trading and transaction processes has been barred and with a lot of monitoring by the financial crime agencies on bank transactions that are crypto related. With the E-naira system that is being introduced by the government to replace cryptocurrency in the country looking at it critically the system is not transparent and as such lack trust among the youths and it rather perceived as an imposition on the youth that chose bitcoin over it.

The system is rather not decentralized and is fully controlled by the government and this could  pose some threat to liberal financial  operations of many persons as assets of people can be freezed at will by the government just like normal fiat currency in the bank. But few years since the ban on all cryptocurrency operations in the country by the government and seeing how adamant the youths still stuck to their guns on using cryptocurrency through different improvised means, this has made the government to start cooling off and thinking of allowing cryptocurrency to operate while they impose tax on all operations and transactions. But we're still watching to see how sincere the government could be on this recent development.

The level at which such an underdeveloped country fight against change is baffling. A country ruled by unlearned older citizens that should be retired. There is need to device more means to trade cryptocurrency.
The risk of selling/ buying from vendors is also there. But I believe just as Binance and other trading platforms devices a means to beat the initial restrictions placed on crypto trading in Nigeria, if there are any form of adjustments from the parliament, Binance has to be swift in adjusting as well. For now, trade carefully.

Nigeria’s move is undoubtedly regrettable when cryptocurrencies are widely known around the world. They don’t want their citizens to get benefits in the market, or they want their citizens to put their wealth in the bank so that it can Oversee the assets of all owners.

They will not regret about it since they do hard implementation towards not allowing it to be use in their country, maybe there studies are so negative about cryptocurrencies that's why they drop a judgement like that on what we think good to us. What we need to hope is there government to see a great picture on this industry because for sure if they will just adopt this they can get an alternative option to get good revenues thru taxation of crypto in their country.

True mate, If Nigerian authorities really wanted to outlaw cryptocurrency, they wouldn't be so eager to see young people without employment. Instead, they only care about themselves and their own interests, not those of the country's citizens. I believe eNaira was launched so they could rob the youths of their possessions, which they undoubtedly believe will be simple.

I will not be bothered about the government agenda for the citizens of Nigeria if they want to continue tarnishinh the image and the legacy cryptocurrency had made so far alleviate people from the stacked poverty lifestyle to a new life of cryptocurrency millionaires. Same is done in many similar countries like China etc. I think they people cam trade there coins there with the p2p method and get things done without the awareness of the government.

I new government will soon be installed and I hope they will be ready to work and endorse cryptocurrency there. Every government has the power to make changes and amend the constitution according to the way it suit them. I hope to see things that working in Nigeria especially for the lovers of cryptocurrency.

 The government might seems to frown at it now but things would be absolutely fine in the nearest future when the government see a revenue opportunity of collecting tax from users and exploring the crypto world.

I totally agree with what you said, it is really disappointing how Nigeria’s government refuses to get benefits from cryptocurrencies, they would like to completely control the citizens specifically the poor ones and impose a high value of taxes to feed the banks and wealthies. And unfortunately, there is a plenty of similar countries who force the same unjust laws toward only few categories of citizens. In this life, the poor sadly get poorer and the rich get richer. That’s how it works in the entire world.
In fact, Bitcoin was created to solve this issue by helping the poor through gaining money in an easy way with less taxes unlike banks. Hopefully, more countries will follow El Salvador and recognize and unban the using of cryptocurrencies as soon as possible.

I can't find any reason behind the Nigerian government being so strict with Bitcoin. Their complete thinking about Bitcoin is negative. But Bitcoin can make a big contribution to their country's revenue growth. 
However, even if the Nigerian government wanted to, they cannot completely ban Bitcoin and other digital currencies in their country. Because there are many countries that don't directly accept bitcoins but they are promoting bitcoin transactions in all those countries. But the Nigerian government needs to think positively about Bitcoin. This will be good for their country.

The Nigerian government is not solely guilty for this alone. There are other countries whose government fear that Bitcoin cannot be controlled and taxed and as such, limits to the barest minimum its use.
What the Nigerian government doesn't want is having another currency that cannot be taxed under use, having a currency that cannot be easily tracked, and also having persons become reliant on these decentralized currency for survival. No matter how you see it, the Naira would be of less value if the citizens turn to other means for exchange of goods and services. Hence, why the Naira is being troubled right now to keep its relevance intact.

Is this the same situation going  on in Nigeria as at now?

During the just ended elections we were reading all sorts of news such as shortage of hard cash which made trade difficult for goods and services, and people  resorted to using digital currencies such as Bitcoin..After bitcoin feeling the gaps where fiat failed does the Nigerian government still see bitcoin as the bad asset?? By now they should be working on the regulatory side of  cryprocurrencies and not trying to sweep it under the carpet, the dirt will accumulat and we all shall it sooner or later.

Maybe better for Nigerian people to lobby the senate or opposition party on the council and tell if Bitcoin is doesn't risk and loses money, or money laundry terrorism. I agree with what you said, this is also considered to convince the council to build crypto legislation in Nigeria. Indonesia was also like that, before there was a law like today, Enthusiasm People for crypto try to lobby the council to make governing rules so that people make crypto is not abused for criminal purpose.

Sad to know that nigeria banned crypto currency. As you said before, that nigerian start to use digital currencies after there was the failed gaps on their fiat, then nigerian have flocking to adopt crypto currency such as bitcoin and etc. Based on the 2021 Global Crypto Adoption Index, nigeria at sixth rank refers to the country that adopt crypto massively, although the nigeria's central bank said that using crypto currency is "a direct contravention of existing law". ¹

Nigeria's government not only judge that crypto currency will cause money laundry, investment loss, terrorism financing but also they committed to ban commercial banks from dealing in crypto currency. they take a serious action to deny crypto currency in their country. Hope future will be better than this.

Reference ¹ =
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781#:~:text=This%20is%20despite%20the%20country's,laundering%20and%20and%20terrorism%20financing.

Despite efforts by the Nigerian government to outlaw the use of cryptocurrencies, we continue to rank among the countries that utilize them the most for a variety of trades and activities. The e-naira is insufficient to meet the expanding needs of online users because it only allows for the exchange of the currency that is currently in use in digital form. Other governments might be amenable to the cryptocurrency trend and adopt it lawfully, but they also make an effort to ensure that online police organizations assist in preventing a very nasty use of the cryptocurrency for other illegal or money-laundering operations.

Nigeria has had a complicated relationship with cryptocurrencies. In February 2021, the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and other financial institutions from servicing cryptocurrency exchanges, effectively banning crypto trading in the country. The CBN cited concerns around the use of cryptocurrencies for money laundering and terrorist financing.

This move was met with criticism from the crypto community in Nigeria, as well as from some government officials and lawmakers who saw the ban as a barrier to innovation and economic growth.

However, the ban was recently lifted in October 2021, allowing Nigerians to once again participate in the crypto market. Despite this, the crypto market has continued to experience volatility, influenced by various global and local factors such as regulatory actions, market sentiments, and economic conditions

Is Nigeria the first country to create its CBDC? I think the countries where the usage of cryptocurrencies is at a high rate are mostly trying to regulate the cryptocurrencies and any platforms that are directly or indirectly dealing with cryptocurrencies, and Nigeria is obviously one of them since there are a lot of users of cryptocurrencies.

Their efforts to crack down on every platform and to possibly regulate and if not possible, ban cryptocurrencies for the users so that the users turn to the CBDCs that they've created in order for them to keep an eye on everyone's finances.

I don't really understand why an underdeveloped country would impose a ban on an innovation that can literally help their economy grow better and help the country and their people to have better lives and more income opportunities. I believe developing or underdeveloped countries should be the ones who should be more welcoming to a technology like blockchain and cryptocurrencies in general.

What do they really want to achieve by creating all these complications or by banning cryptocurrencies within the country? The government should let the people have their freedom with it and if they want, they should try to regulate it if they can.

It's not about being develop or underdevelop as a country or people, it's about the kind of leaders a country have as leaders in government. In the case of Nigeria I perceive a system of deliberate negligence on the people by the government, a situation where the government through the use of legitimate force barring all form of technological source of empowerment such like the cryptocurrency innovation to the timid youths. This act is meant to keep the youths broke, hunger for the scrumps that may fall off from their tables, thereby continuously acting as stooges and rubber stamp tools for their political ambitions.

Hence, should the timid youths have a much means if generating incomes with the free use of cryptocurrency it then pose as a threat to their stronghold on them. This among others are the underlying local factors and sentiment the engulf the whole situation.

This need not be a good indication of the Nigerian government's intentions to go more smoothly with cryptocurrencies, at least not to let the digital naira project fail. All African countries are not expected to take any significant step towards adoption, unless this is prompted by allied economies at the same time that citizens do not value them in the first place.
Binance launches training courses and conferences in many countries, even those that do not officially adopt cryptocurrencies, as they did recently in Egypt and before that in Morocco, which are countries that are very strict in their legislation against the uses of crypto. Most estimates indicate that Binance wants to qualify people to work for it or is looking for potential employees, since this sector is going through a severe crisis in the lack of developers in the field of blockchain and dealing with Web3 applications.

The eNaira that the government launched wasn't their idea, it was that of the CBN government and it was a targeted strategy to win the just concluded election. They won't tell Nigerians this but immediately the election ended, things about the new currency and eNaira immediately started dieing off the media. The government are thinking of removing the just launched new note. Their plans for the election wasn't successful so they saw no use of it since the incoming government mightn't support their ideas. The problem of Nigeria not accepting Bitcoin was mainly because we had a clueless president (government) and they'll be leaving office this month.

The newly elected president is pro blockchain as he has made statement supporting blockchain throughout his campaign and also during his acceptance speech so the ban would be lifted soon I believe. He isn't Nigerians prefer candidate but winning elections without corruption is something that has become part of our election process and it'll take a very long time to educate the citizens to removed themselves from such mindset if accepting bribe to vote. By the end of next year I believe the ban would ha even lifted as there wasn't no need for it in the first place, it didn't stop anything they thought the ban would stop instead it increase the awareness of the citizens towards the cryptocurrency industry.

We hope it happens so that Nigeria becomes one of the countries that accept bitcoin as a commodity asset that can be traded legally, many countries are implementing this system and one of them is the country where I live, where bitcoin is illegal to use as a legal means of transaction but legal as a commodity asset, so the growth of crypto in general is attracting a lot of young people and some older people especially in my country. To me accepting bitcoin as a commodity asset is far more than enough, even though they manage a centralized exchange with regulated operational licenses.

I am a little optimistic that for the foreseeable future Nigeria will treat crypto and bitcoin as commodity assets. Moreover, if they are able to conceptualize it correctly, the exchange can take part of the profits by applying taxes, so that indirectly the state's income will also increase slowly according to the education given to the people there. I see this great potential and our government is also implementing it, so that the presence of crypto and bitcoin is not a threat to fiat currency as many people accuse.

In the country, if we take a quick look, the country is lagging behind economically and so on, that's what happened robbery and other crimes and why ban crypto because nigerian government wants to improveFinancial security prevents excessive digital transactions because it impacts the stability of the country

Since Nigeria is a financially weak country, they should accept the challenge of adopting Bitcoin to alleviate their financial woes. Perhaps the adoption of Bitcoin in their country will improve their country's financial situation. I don't understand why their country's government is deciding against Bitcoin every time. Nigeria many citizens are involved in Bitcoin I think they should accept Bitcoin even if they think about business. 

Nigeria can follow El Salvador if it wants to because this Central American country is already getting positive results by adopting Bitcoin and they are currently implementing various measures in their country through Bitcoin. If El Salvador can improve its financial status by accepting Bitcoin why can't Nigeria.

Every day. it is a new update on crypto ban in Nigeria. i woke up to this current one but i think it will not hold.
https://gazettengr.com/just-in-sec-bans-binance-operation-in-nigeria-declares-it-illegal-entity/
i think the hunt is getting serious. trying to stop Nigerians from utilizing the current decentralized systems to improve their business.

Even Binance too? That doesn't seem good actually! I wonder why they're banning Bitcoin, considering that Nigeria isn't financially strong and Bitcoin could certainly help many Nigerians make money and strengthen the economy over time. To be honest, It doesn't make any sense. I hope this issue gets resolved soon, and they implement regulations that make Bitcoin and crypto legal in Nigeria again as I'm pretty sure it would help the country alot in the future.

I was thinking this topic should be in the local board (NAIJA) , well with that been said, what we pass through here is our leaders, it is very obvious that the citizen of NIGERIA who understood the future of crypto are not given the opportunity to adopt, recently BINANCE was tag to be NOT LEGAL but the question here i have, is it now they did know binance was registered and so on, hwat about those times binance has been sponsoring some events in Nigeria and so many other activities they have engaged with. The leadership system in Nigeria is dam... screwed.

You all got it wrong Nigerian government did not banned cryptocurrency, it was the central bank of nigerian that placed a ban on cryptocurrency or should I say asked the commercial banks to flag accounts associated with crypto activities. That being said, this is now old news as there's a new development. Nigeria now has a new financial act that makes provision for cryptocurrency, so cryptocurrency is no longer banned or restricted in Nigeria. The new act attracts a 10% crypto tax on capital gains. The act is just 1 or 2 months old and we are waiting to get more information on how it will be implemented.

https://cointelegraph.com/news/nigeria-to-tax-crypto-digital-assets-10-on-capital-gains-experts-react/amp

A high percentage don't even have banks.

A few weeks or is it months back during elections, we we reading and seeing all sorts of video clips of unrest because Nigerians were unable to withdraw money from their banks as the banking system was crippled,  but now that the have an alternative I really don't understand why they would still chose to suppress a solution that has come right on their door step...

What are they afraid of?? Loss of revenue of through taxes  ::) well this is a possibility lol, loss of control...

Maybe we are jumping the gun, and this might  have changed for the better??

It takes a long time to understand such a sudden decision in Nigeria. I don't see enough reason why the Nigerian government is banning cryptocurrency in their country. I don't see enough reason why they are deciding to ban crypto currency in their country again when Nigeria is already a very financially damaged country. Maybe the Nigerian government doesn't want their citizens to invest in Bitcoin anymore. But it is possible to financially empower a country by allowing cryptocurrencies in its own country if the government of that country can plan differently and act accordingly. Many people in Nigeria are involved with crypto currency. If the crypto currency is banned in their country, it could have a bad effect on the families of Nigerians.

If you read through some text recently you would have come across my post where I mentioned the new financial act by the Nigerian government. The recently signed act makes provision for crypto, so cryptocurrency is no longer banned in the country because they government now wants to tax its citizens for using cryptocurrency.

What you saw on the internet was the reaction to the unavailabity of new naira notes and the poorly implemented cashless policy that brought about a lot of suffering. We're over that now. Concerning the government new position on cryptocurrency in the country, since the ban was not effective as many persons were still using P2P services, maybe it's beginning to dawn on them of the benefits they stand to get if the accept cryptocurrency.

Cashless policy when they haven't made the necessary provisions for the people? That's a waste of time and wouldn't hold. Did they ever think that it was going to be possible? If there is anywhere around the world that the cashless policy would hold, Nigeria is the least for now. Their government still have a long way to go with it, and making attempts to ban crypto at first wasn't even a good move.

well, honestly, I also don't quite understand why the Nigerian government is doing that. But probably in the end they will take back what they are doing just like what Russia did before they also did something different with Bitcoin but over time they also took back what they did.
That's why today, Russia is one of the prominent countries that fully recognizes bitcoin and other cryptocurrencies as having great market potential.

Nigeria is not big economic country. They are still fetching huge problem. And they are very populated country. So they are banning continuously banning crypto currency. But i think they will not be albe to creat any effect on crypto currency market. Why Nigeria government did it i am not understanding. If they give legality then Nigeria will be more benefited. They will receive huge fee from it. And now a days most of country are accepting bitcoin and others cryptocurrency, so i think Nigeria also should unbanned crypto.

Just for some clarification, contrary to your assumption Nigeria is definitely a big economic country, it's the biggest on the Africa continent (do some google search and you'll find out). Yes the country is populated and we're fighting corruption which is our biggest challenge still the country hasn't banned Bitcoin. This is a misinformation that has been spreading around. The Central Bank of Nigeria (CBN) governor (former governors as he has been suspended) only banned banks from trading or participating in the cryptocurency market. Bitcoin and cryptocurency aren't legal in the country but it isn't illegal as well although ot hasn't been accepted as a legal tender which means you  can't use it to pay for goods and services but that doesn't mean they aren't been used.

Recently the government passed a bill for taxation of Bitcoin and it could cover other cryptocurrency as well. The government aren't fully antibitcoin but they aren't showing any green light towards Bitcoin as well like it would be legalized in the country anytime soon. There's a large audience of Bitcoin and cryrpo users in the country and this is mostly the youth since the youths are looking for alternative means to generate incomes as the government has failed in that aspect. The overpopulation is too overwhelming to the government as they barely know what they're doing and aren't doing anything to solved the problem.

The reason why the Nigeria government ban cryptocurrency is best known to them but the citizens are still trading cryptocurrency without any restrictions. I will be good for us to have some good information about this so that we are not going to be arguing about this in a blind way. In as much as the citizens are still trading Bitcoin and other cryptocurrency without any restrictions from the government, that means that is little or no restriction in cryptocurrency which would have warrant a big penalty on anyone that is caught trading Bitcoin.

The Nigerian government's stance on cryptocurrency has been met with mixed reactions. Because some see it as a necessary measure to protect them from potential financial risks and fraudulent activity. The growing digital currency has boosted initiative among the Nigerian community. The crypto industry has demonstrated significant potential for financial inclusion, remittances and job creation. This has turned out to be a promising avenue for Nigeria's growing technology sector. As the global crypto market continues to develop, Nigeria may reconsider its ban.

If you look at Google Trends in the world, Nigeria has the highest search level for the word bitcoin.

https://i.ibb.co/yFDrjPm/Screenshot-3.png (https://imgbb.com/)

With such a huge population and lack of tight controls like China, the Nigerian government will probably be unable to do anything and cryptocurrencies will be widely distributed among the population.
The reasons may be different, but I think that the 2 main reasons are inflation, extremely low per capita income. Therefore, the spread will take place among young people, who make up a large percentage of the population. And wants to make life a little better.

Expect that since not everyone in that country appreciate the existence bitcoin since some of them maybe see bitcoin as illegal material used by scammers since they see that from multiple activities they see. And some other dislike it because they have know its potential and their earnings might get stop if government continue to restrict it to their country. Hopefully they get the positive side and see the negative one as common incident which easily to be corrected.

The Nigeria population is really large and the quest to be rich and wealthy had made many of the citizens to dive into searching for opportunities online that will better there life. People will keep looking for a secure ways to make money online and we should not be surprised about the high rate if Nigerian looking for there daily bread online to escape the imminent inflation of the country.

 Even though the government have the plan to put an end to cryptocurrency in the region, it will be very hard because they do not have the right tools and equipments to make this decisions because people can easily make use of VPN to trade on exchanges and more ever many of those exchanges have Nigerians to be one of there biggest custoemrs by region.

The population of Nigeria is probably interested in various earnings in cryptocurrency due to the low standard of living and the depreciation of the local currency. But I think that they are not interested in trading that much. They want to earn income from various bounties, retrodrops or sector Play to earn.

Remember how in 2021 the game Axie Infinity was so popular in the Philippines. Ordinary players from poor areas earned SLP tokens, which were then converted into real money. I still don't understand why it didn't spread to Nigeria as well. After all, everything was necessary for this.

The reason why people are diving into the online world in search of opportunities to earn money is the lack of job opportunities within the country, the population might have some minor effects on the unemployment rate but that isn't the main reason for it, if the government tries harder to generate more jobs and get more people employed, they wouldn't face many issues, but instead of doing that, they are doing everything they can to close down the ways people use to earn money.

The government of Nigeria should have supported this because this could solve the problem of unemployment and possibly reduce poverty within the country but they have been against the movement and the most obvious reason for that is that they don't want people to become independent.

Words across the streets lays emphasis on the current administration being supportive of the crypto technology innovation and moves are underway to formulate policies that can provide for friendly environment for crypto market in the current while the government gain through taxation  and if this is true as they say then economically the country would be one of the leading hub for crypto enthusiasts in Africa cause with the current ban Nigerians still fine-tune means of escape to use bitcoin then imagine when it would be given a legal backing.

The government of Nigeria should think about how to become a leader in the crypto industry with a very small tax (1%, for example, or absence for several years) for companies, and not for people, in order to open the way for investment in the country. This would raise the economy and GDP of the country. The standard of living would rise. If Negeria doesn't do it, other countries will. And those countries that do it before the rest will win. There are already real examples of such countries, but so far there are not as many of them as we would like.

you are wrong, the level of population density greatly affects the available jobs especially if the country has citizens who are the majority of productive age ^{(currently Nigeria has a population of more than 200 million people)} but there are quite a lot of good things about population density that occur such as competition is getting tougher and business ideas are popping up, government intervention is actually very much needed to eradicate the lack of jobs and on this side, i am quite surprised by the government's rejection of cryptocurrency instead of using it to help citizens and reduce unemployment rates.

based on a survey that i read, currently 99% of citizens are horrified to know cryptocurrency, that is truly an extraordinary result and it is not impossible that in the future Nigeria will become a country on the African continent that has the largest crypto investors ^{(however the rules set by the government are never absolute)}

So how are these Nigerians accessing bitcoin ? Through what means are they purchasing this since there capital controls on usd and the roll-out of the cashless cbdc hasn't been optimal.

Binance is still in Nigeria crypto space. The government only disabled some accounts and nothing more to that except politics. So at the moment binance is still doing business in Nigeria. Moreover, talking about how to access bitcoin in Nigeria, apart from binance there are other exchanges that are doing business in Nigeria, Nigeria has a very large crypto community and so exchanges have more market to cover in Nigeria.

Probably one of the biggest reasons for fighting cryptocurrencies in Nigeria is that the Central Bank has a digital currency named "eNaira".

The official Twitter of the Central Bank of Nigeria (1.5 million followers) yesterday created a  thread  (https://twitter.com/cenbank/status/1684100270152732672?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1684100272157597697%7Ctwgr%5Eb48056d6c7d8beb8a11639f416437d3a6c1cbd27%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fincrypted.com%2Fnigeriya-izmenit-model-cifrovoj-valyuty-cb%2F) in which they wrote that they would change the digital currency model to stimulate its use. eNaira looks useless. But if the Central Bank finds the right measures to use it, then cryptocurrency payments will significantly decrease among the population. I doubt this will happen in near future.

Beside banned Bitcoin or cryptocurrency as payment currencies why not with Nigeria government looking for tax from Bitcoin transaction in their country? almost one years, Indonesian have adopted BITCOIN tax payment each time transaction with local exchange market, I think government of Nigeria can adopt it without have to banned Bitcoin in their country although with small tax under 0,1% based in my country rule right now. Due Nigeria have been popular with Bitcoin and there are many new comer actually in this forum come from Nigerian, several years later Nigerian government will get beneficial by allowing Bitcoin as payment currency or adopt only as investment assets.

Warning for Nigerian, you should give option for your government about Bitcoin beneficial effect trough tax each transaction kinds based on in my country have to pay taxes every buy and sell coins in local currency exchange.

Exactly that one will be better if they add tax on it, so that he can benefit them in their country, it is not required to restrict Bitcoin or other cryptocurrency in a country, but I believe some countries that banned crypto don't understand the benefits of it. One, if Nigerian politicians understand what cryptocurrency is, they will make it legal in the country; several countries have allowed Bitcoin to operate successfully. Anyone can invest and trade without difficulty, and some businesses accept Bitcoin as payment. I am confident that Bitcoin will soon be permitted in every country.

The eNaira has little or no effect on the acceptance of cryptocurrency in the country. Taking myself as an example, I only do hear about the eNaira on the media and I have not interacted or used it in anyway. The Nigerian government issued CBDC has failed woefully, though I heard they are trying very hard to revive it back to life.

What brought about the ban was when the citizens rose against a now disbanded branch of the police force called SARS (Special Anti Robbery Squad) that was continuously harassing and killing young Nigerians. Nigerians staged a nation wide protest called ENDSARS that brought the country to it knees, and many lives and properties worth billions of naira were lost as a result. The protest was supported by Nigerians both home and abroad through donations in the form of cash and cryptocurrency. After the protest the government decided to go after the ENDSARS sponsors by freezing bank accounts associated with crypto-related activities.

Well you are not from Nigeria so you won't understand the reason for the restriction on crypto transactions  with banks but one clear fact that I will like to present is that BTC and everyother crypto are not completely illegal in the nation, it's just restricted to transact with your fiat banks. There are so many businesses in Nigeria that actually accept crypto as means of payment and also there are a couple BATM aslo where someone can transact BTC.

It is likely that eNaira is still very raw and its main functions of use have not been disclosed.
Still, I think that their influence is a little more than you think. Of course I may be wrong. In short, I see 3 ways of development:

1. Apart from the words of the Central Bank of Nigeria, there will be nothing about eNaira. It may take years, but in the end nothing will happen and it will be forgotten. During this time, the cryptocurrency will continue its smooth development among the population.
This is the most likely scenario in my opinion.

2. They will try to ban the cryptocurrency completely and severe penalties will be applied for its use. From eNaira they will make a digital currency for full control over the operations of the population.
This is a very unlikely scenario for Nigeria.

3. I'm wrong and there is no influence between them:
- eNaira will get the features and start using it, and the cryptocurrency will also be used by people.
- eNaira and cryptocurrencies will not receive any distribution.

That's a bad Government Nigeria citizens is facing today, and things in the country is not working as supposed to be, which Nigeria is really facing economy challenge's, no much Job or work for a fresh graduate in Nigeria youths citizens and level of poverty in the country is increasing everyday by day. Which Bitcoin is created to reduced level of poverty in the world, which government agency are not aware, because of lack of knowledge. As long the internet exist crypto we continue to explore.

I trust the government that is already corrupt, they will try to make money out of anything, is it not Nigeria you talking about? They just don't know how, probably lack of knowledge wouldn't let them, I remember there was a ban on crypto but people are still buying and selling crypto with fiat, they don't even know that peer-to-peer transaction is possible.

Many people in the country are making money from crypto investment and trading, some turned into millionaires and the government agencies mistook them as fraudsters, until they challenged them and ask how they get their money and it's revealed to them that they make money from trading and investment, they are now getting to know that it's possible to make life changing money from crypto but they still haven't find a way to rob or steal from traders and investors yet.

It's better to keep doing your things silently, The more people from the country embrace Bitcoin, the more people will have hope, and maybe escape from their once destitution life, the government won't do shit to help.

It's not just Nigeria but all over the world, many countries are beginning to turned to CBDCs, maybe Nigeria wanted to be the very first in Africa to implement it but it was poorly done. There is nothing hidden about CBDCs, its use and purpose has always been crystal clear. It is centralized and will always be used as a tool by the government to control the masses.

For now, no one is banning cryptocurrency. The restrictions placed by CBN on some of the affected accounts have been lifted off. From the look of things, Nigerian government wants to explore the opportunities in digital currencies, they have introduced new financial act that made provisions for digital assets, they govt want a 10% tax on capital gains.

are there any places you can buy crypto in cash though ? any on the ground information would be helpful

Wow, and just yesterday I was replying to a post regarding a hotel in Nigeria that's accepting bitcoin for payments. And the fact that they have agents planted to take down the P2P crypto trading in the country is such a crazy situation which is scary for a lot of people even those outside the country because one look of their own government on what Nigeria is doing and the possibility of crypto crackdown in their own country goes through the roof.

Nigeria's growing interest in cryptocurrencies was noticeable but jumped to the forefront during the crypto market crash, however, the bank knows that cryptocurrencies have the potential to improve financial transparency in the country in the foreseeable future. Never the less crypto is not illegal in Nigeria, however, there are no crypto laws in Nigeria and no legislation, legal act or provision criminalizing the use of cryptocurrencies.

they'll never allow using cryptos in Africa

Cause they want these people poor and sick to depopulate them

not to enrich them

i don't understand why they do such kind of action. if they want to ban the p2p trading like for example in binance, then, they need to send an official letter to binance that they are banning such kind of transaction.
instead of countering this activity, their government should help their people to attain more financial freedom. no wonder, a lot are still living below the poverty line because the officials have such backward thinking.

Which they will inarguably do. They are probably drafting such letter already as we speak to formally request Binance to cooperate with them, and binance will not be able to do anything but comply cause they aren't a governing body capable of carrying out feuds with other countries.

Just picture the fact that in a battle of attrition, crypto will lose. Countries could pretty much ban and disallow people from using bitcoin and crypto through any means, crypto will not be able to do anything but comply and accept the decision and hope that another country would accept them and not be so harsh against their vocation. We're not in the position to be exceptionally 'demanding' so to speak.

I'll just have to say this as much it hurts me to say what i know, adding crypto keywords and alerting the banks to block accounts is just a dementing behaviour and it is as a result of the kind of people the Nigerian government has on seats :(

 There is nothing in the nigerian government that interests me anymore, their constant interest in depreciating the systems that run the country and run in the country is very much disheartening.

People keep asking when will the country change and grow from all these and i will beat my hand on my chest while placing the other on my head in awe that change will come but in a longtime, what will they gain from banning and blocking accounts really? Smh >:(

Their Government is suppose to help the citizens by legalizing Bitcoin in order to salvage the youth a,nd the entire nation from the economic crisis not banding Bitcoin, because Bitcoin will expose them to the crypto world involving themselves with investments, campaigns,jobs e.t.c. which will bring them out of poverty and other financial problems

Since the central bank of Nigeria gave orders to all commercial banks in Nigeria to ban accounts connected to crypto transactions, most stores and business owners that accepted bitcoin before are being forced to stop because everyone is scared of doing what's going to affect their business. The central bank is not really talking about the ban any longer, but you are still going to find it difficult to see a store where bitcoin is being accepted. The number of people investing and trading bitcoin is increasing in my country, but it is not used for making transactions because everyone is just scared.

Up till now, bitcoin transactions is still very high in Nigeria, and it's still increasing rapidly. The only problem is that people are just scared to make it public that their businesses are accepting bitcoin because of the ban imposed by the central bank of Nigeria. They are scared that the government might come for them, so they rather make use of it hiddenly. Lots of people are into trading, and some are also investing in bitcoin. I can say that bitcoin adoption is really increasing in Nigeria.

I am unable to understand why such initiatives are particularly aimed at the Nigerian government's P2P trading ban. A member in this thread said that they should write a reprimand to Binance that bans the transactions of illegal activity performers. There was a similar situation in my country a year ago when the government did not think about such measures; instead, the people faced difficulties and illegal activity providers transacted for illegal activities. A good approach has been taken by my country, and I say that the Nigerian government should also consider it. That act was that the intelligence agency tracked the performers of illegal activity through p2p trading, which means that when money was sent or received to the account in p2p trading, a text would be received on his phone number, which he had added from the bank account, etc. So, with this, the intelligence agency would have tracked this person. In the same way, by this process, the transactions of illegal abortion performers could be easily tracked, and they would have banned the entire p2p trading.

So, in my opinion, the Nigerian government should not ban the entire P2P trade by taking similar measures but should catch those who are illegal activity performers. Otherwise, instead of giving support to the people of the country, they are pushing towards poverty with the help of banning cryptocurrency. Already, the poverty ratio is high in Nigeria. This will deprive more people of a rare commodity like a cryptocurrency.

Nigerian government is much keen in banning the usage of bitcoin and other cryptocurrencies. The initial steps were on developing their own CBDC e-naira and government wasn't successful. However it is possible to see good support from the people of Nigeria. As a result it is possible to see good number of individuals of Nigeria stepping into cryptocurrency acceptance on their personal business and other services. This is evident through different users of our forum from Nigeria posting their own experiences.

It is common to see governments trying to have things under control. Same time government should also act in the right way considering the need of the people. Nigeria government have failed in it through its corruption. This too a reason for the Nigerian people to look for something alternate and take a chance to lead better life.

It's probably a power play or something about controlling bitcoin, we all know that government bureaucracy is so fucked up that miscommunication and mishaps are bound to happen. Maybe what the government's doing won't be big enough to hinder the growth in bitcoin usage in Nigeria, I mean in countries that have some form of animosity against bitcoin, bitcoin still thrives.