On February 05, 2021, the central bank of Nigeria prohibit any regulated institution dealing with bitcoin and other cryptocurrencies, such institutions accounts were ordered to be closed.
But, Nigerians should still know that bitcoin and other crypto assets are not banned in the country, only the banking aspect of it are restricted.
“As regards our recent policy pronouncement, it is important to clarify that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies, given that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies.
So, carrying out p2p is not forbidden or any other thing related to cryptocurrencies like mining remain legal as they are beyond the power of the CBN. What do you people think about this?
This banking aspect paralyze lots of opportunities to crypto users. Even in case you mine that is not forbidden by this regulation, there will be a great problem to use your mined coins, because noone is allowed to accept as the means of payment or you will not able to cash out your assets - exchanges are also not allowed to use. So in Nigeria you may only hold and wait for better times with more suitable situation for cryptocurrencies. In my opinion it will not last forever. Governors change after sone periods, and policy changes aldo with them. Stay positive.