30/10/2024
๐ ๐๐ฅ๐ฆ๐จ๐ฌ๐ญ ๐๐จ๐ญ ๐๐ซ๐ซ๐๐ฌ๐ญ๐๐ ๐
๐จ๐ซ ๐๐๐ฏ๐ข๐ง๐ ๐๐ ๐๐ข๐๐๐๐ซ๐๐ง๐ญ ๐๐ซ๐ฒ๐ฉ๐ญ๐จ ๐๐ฑ๐๐ก๐๐ง๐ ๐๐ฌ & ๐๐๐ฅ๐ฅ๐๐ญ๐ฌ ๐๐ง ๐๐ฒ ๐๐ก๐จ๐ง๐.
It's very common when traveling in Nigeria to get stopped at a lot of security checkpoints along the major express roads.
It's even worse when using public transportation.
After my trip to Imo state where I was delayed on the road for questioning, I had to make a proper research on whether cryptocurrency was really legal in Nigeria.
Sometime in February 2021, the Central Bank of Nigeria (CBN) banned Nigerian banks and financial institutions from dealing with any accounts that have affiliations or transactions related to cryptocurrency, which was the start of all this negative sentiment towards people dealing in cryptocurrency.
But in December 2023, the CBN released guidelines for the operation of bank accounts for virtual asset service providers (VASPs). The CBN lifted the ban of cryptocurrency trading and transactions in Nigeria.
Currently cryptocurrency is now regulated in Nigeria by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).
So yes it is official, cryptocurrency is legal in Nigeria.