Is Bitcoin Banned In Nigeria - How Social Media Reacted To The Cbn Crypto Ban Nairametrics / Nigerians on social media have strongly condemned the ban issued to financial institutions against having any crypto or facilitating payments for crypto.. The central bank of nigeria has provided the reasons why it banned bitcoin and other cryptos in the nation. At least, we can read that all the newspapers got the reasons wrong. If it is to be banned totally, i. Data retrieved from usefultulips (a bitcoin analytic data provider) shows that the usage of bitcoin's peer to peer trading in nigeria surged by 27% since the cbn directive took effect about 85 days ago, as nigerians moved about $103 million worth of bitcoins on just paxful and localbitcoins channels alone. The nigerian market is riddled with many limitations that make it difficult for nigerians to buy bitcoin.
It's triggered anger among nigerians who see cryptos as a safe haven in a. Nigeria is africa's largest economy, its most populous country, and home to one of the youngest populations in the world. The central bank of nigeria has banned citizens of the country from transacting bitcoin and cryptocurrencies. The restricted accounts belonged to predominantly young nigerians who had either sent or received funds to run the