CBN (Central Bank Of Nigeria) explains the reason behind the recent ban of cryptocurrency in the country.
You're wrong
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 . Indeed, this position was
reiterated in another CBN Press Release dated February 27, 2018.
Nigeria doesn't ban Bitcoin on their country, but the only ban Bitcoin on their "banks" only. So, Nigerian Banks are prohibited to hold, trade or transaction using cryptocurrencies.
People on Nigeria still allowed to hold and doing transaction with cryptocurrency, they only warn if cryptocurrencies is very high risk and volatility.