Good news for Nigerian crypto enthusiast

[BIT-BENDER]

 I stumbled on this just today, am still yet to get further sources, but will be following the news round the clock, to see about the current unfolding of the news.


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

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

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[bassbity]

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

[cheezcarls]

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

[Bitstar_coin]

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

[romero121]

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

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

[masterzino]

Good news for all Nigerian friends around!

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

[passwordnow]

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

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

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

[Charles-Tim]

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

[ReiMomo]

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

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

[JeromeTash]

From the article;

The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.

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

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

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

[aoluain]

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

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

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

[blackened515]

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

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

[hulla]

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

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

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

[rosenbauer02]

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

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

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

[meanwords]

-snip

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

[FinneysTrueVision]

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

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

[Trinx01]

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

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

[Alucard1]

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

[Kong Hey Pakboy]

I am happy for the people of this country to see the news, arguing from the outset that there will be governments of some countries that have laws to limit the use of cryptocurrencies, but that that's not possible. When it is too small, they cannot control it, until it has developed and is considered as a profitable investment channel, there is no reason to stop it.

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

[GeorgeJohn]

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