CENTRAL BANK OF NIGERIA LIFT THE BAN ON CRYPTOCURRENCY IN NIGERIA

[cryptomaniac_xxx]

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/

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.

[Lida93]

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!

[Charles-Tim]

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.

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.

[ImThour]

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.

[slaman29]

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

[Richbased]

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.

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.

[Promocodeudo]

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.

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.

[gunhell16]

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 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.

[Manny@11111]

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

[rat03gopoh]

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.

[Blitzboy]

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.

[Z390]

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.

[RockBell]

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.

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.

[Aanuoluwatofunmi]

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/

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.

[sokani]

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.

[kryptqnick]

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.

[Rampagoe004]

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.

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.

[Zaguru12]

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.

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.

Less than 120 days left for Bitcoin Halving.

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

[Onyeeze]

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.

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

[Churchillvv]

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.