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Home » Confusion Abounds as Nigeria’s Central Bank Reverses Course on Crypto Directive

Confusion Abounds as Nigeria’s Central Bank Reverses Course on Crypto Directive

Van Tran by Van Tran
April 25, 2024
in Policy & Regulation
Confusion Abounds as Nigeria’s Central Bank Reverses Course on Crypto Directive
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It seems like there’s quite a bit of confusion surrounding Nigeria’s central bank and its stance on cryptocurrencies. The initial reported directive, which allegedly required financial institutions to identify and cease transactions with certain cryptocurrency platforms, was denied by the central bank. However, the denial was then deleted and later reissued via X.

The reported directive, if true, indicates a significant move by the central bank to crack down on cryptocurrency transactions in Nigeria. It includes instructions for financial institutions to halt dealings with platforms like Bybit, KuCoin, OKX, and Binance, and warns of severe sanctions for breaches.

This development adds to the ongoing tension between Binance and the Nigerian government. Accusations of currency speculation and subsequent actions against Binance executives have drawn international attention to the situation.

The conflicting statements and actions from the central bank only add to the uncertainty surrounding cryptocurrency regulation in Nigeria. It’s a situation worth monitoring, especially considering the growing popularity of cryptocurrencies in the region and their potential impact on the financial landscape.

Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

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