Nigeria Did Not Ban Crypto: Official Clarifies on Earlier Order
- Banks and other financial institutions are barred from serving crypto companies.

According to local publication TodayNG, Adamu Lamtek, the Deputy Governor of the monetary regulator, said that the CBN did not ban Nigerians from buying, selling or holding cryptocurrencies but protected the banking sector from the activities of cryptocurrencies.
Additionally, he clarified that the central bank did not place any restrictions on cryptocurrencies in general and is not discouraging people from trading them.
“What we have just done was to prohibit transactions on cryptocurrencies in the banking sector,” the deputy governor said.
Can Crypto Exchanges Still Survive?
The Nigerian central bank issued a circular earlier in February ordering all banks and other regulated financial institutions to cease their dealings with any cryptocurrency exchanges and accounts dealing in digital currencies.
The CBN warned that violation of its rules will bring ‘severe regulatory sanctions’ on regulated entities.
This step created confusion among the country’s other financial regulators. The Nigerian Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission, which oversees the country’s financial markets, had to scrap plans of bringing regulations for cryptocurrency markets.
Nigeria is one of the top countries with heavy retail demand for cryptocurrencies. According to market data compiled by Coin Dance, the number of Bitcoins that were traded in Nigeria in the last five years is slightly behind the United States.
The local crypto community reacted strongly against the ban, running social media campaigns and has migrated to peer-to-peer platforms.
The clarification from the central bank Deputy Governor came when there were confusions around the ban, and many scammers are trying to take advantage of the situation.
According to local publication TodayNG, Adamu Lamtek, the Deputy Governor of the monetary regulator, said that the CBN did not ban Nigerians from buying, selling or holding cryptocurrencies but protected the banking sector from the activities of cryptocurrencies.
Additionally, he clarified that the central bank did not place any restrictions on cryptocurrencies in general and is not discouraging people from trading them.
“What we have just done was to prohibit transactions on cryptocurrencies in the banking sector,” the deputy governor said.
Can Crypto Exchanges Still Survive?
The Nigerian central bank issued a circular earlier in February ordering all banks and other regulated financial institutions to cease their dealings with any cryptocurrency exchanges and accounts dealing in digital currencies.
The CBN warned that violation of its rules will bring ‘severe regulatory sanctions’ on regulated entities.
This step created confusion among the country’s other financial regulators. The Nigerian Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission, which oversees the country’s financial markets, had to scrap plans of bringing regulations for cryptocurrency markets.
Nigeria is one of the top countries with heavy retail demand for cryptocurrencies. According to market data compiled by Coin Dance, the number of Bitcoins that were traded in Nigeria in the last five years is slightly behind the United States.
The local crypto community reacted strongly against the ban, running social media campaigns and has migrated to peer-to-peer platforms.
The clarification from the central bank Deputy Governor came when there were confusions around the ban, and many scammers are trying to take advantage of the situation.