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CBN Bans Trading of Cryptocurrencies in Nigeria


From the information reaching us today being the 5th of February, 2021, the Central Bank of Nigeria(CBN) has banned the trading of Cryptocurrencies in Nigeria.

In a warning released by CBN, the Apex bank warned that any financial institution in Nigeria that dares to violate this new directive would face sanctions with immediate effect.

Below is the information gathered from regarding this new development;

“The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading”.

“A cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces”.

“Trading with Bitcoin–a cryptocurrency type–has gained traction globally and in Nigeria lately; and most young people have been investing in the cryptocurrency world, buying and selling Bitcoin and making profit for themselves”. Culled from

Meanwhile, the well known Nigerian Cryptocurrency trader, Bitcoin chief, has already published an important information for Cryptocurrency traders in Nigeria, especially those trading with him in his Network while expressing his shock on the ban on cryptocurrency. In his post on Facebook, he stressed that the Nigerian government cannot stop Cryptocurrency simply because they don't understand it. Read his post below;

Dear TATAS in Nigeria just like you, we woke up to the news of the CBN placing a ban on Cryptocurrencies related BANK deposits.

While we are yet to hear from our Banking Partners we want to assure you that there is no cause for Panic as this will not affect us.

If you noticed for a long Time Our Company ABiT Network has been transitioning to a 100% peer-to-peer system.

If eventually our Banking Partners Stop Deposits of Naira, be rest assured that we have Redesigned our Peer-to-peer "Buy and Sell Order" to be more Efficient where the Escrow holds the coin of Seller and buyer Sends money to Coin sellers account directly without Mentioning Cryptocurrencies and The escrow releases the coin to Buyer after Seller confirms deposits in his or her bank directly.

Be Rest Assured that if everyone cooperates and confirms payment faster we won't ever be needing Direct bank Deposits because 

Cryptocurrencies were created to be 100% peer-to-peer Transactions.

Be aware that this is not the First Time CBN of Nigeria has sent out this Same letter as they have since 2016 but the Truth is that they can't control what they Don't understand.

No cause for Panic. 

Peer-to-peer is the Way Forward.



ABiT Network 



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