Cryptocurrency Q&A
Are cryptocurrencies legal tender in Nigeria?
Are cryptocurrencies legal tender in Nigeria?
BlockProducer
Thu Jul 11 2024
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6 answers
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Could you elaborate on the legal status of cryptocurrencies in Nigeria? I've heard conflicting reports, some suggesting that the Nigerian government is seeking to regulate the cryptocurrency market through issuing operating licenses, while others argue that the central bank has barred financial institutions from dealing in or facilitating transactions in cryptocurrencies. Is there clarity on whether cryptocurrencies are considered legal tender in Nigeria, or are they solely treated as risky investment instruments? Furthermore, what are the potential implications of this legal uncertainty for investors and traders in the country?
6 answers
SophieJones
Sat Jul 13 2024
Cryptocurrencies remain unrecognized as legal tender in Nigeria, according to the Central Bank of Nigeria (CBN).
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Caterina
Sat Jul 13 2024
This stance was reaffirmed in February 2021, when the CBN issued a directive prohibiting commercial banks operating within the country from engaging in any transactions involving cryptocurrencies.
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EthereumLegend
Sat Jul 13 2024
The ban aims to protect consumers and investors from the potential risks associated with the volatile and unregulated nature of cryptocurrencies.
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Federico
Sat Jul 13 2024
Despite the ban, the popularity of cryptocurrencies in Nigeria continues to grow, driven primarily by their ability to facilitate cross-border transactions and provide an alternative to the traditional banking system.
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Federico
Fri Jul 12 2024
BTCC, a UK-based cryptocurrency exchange, offers a wide range of services to cater to the needs of cryptocurrency enthusiasts in Nigeria and beyond.
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