Business CBN's Warning: Top 4 Expected Changes to Bitcoin Operations in Nigeria



The Central Bank of Nigeria, CBN, recently issued a circular to banks and financial institutions, warning them of transacting businesses that involves virtual currency like bitcoin.

CBN's circular was a sort of mixed message- while it instructed bank and other financial institutions not to hold/use/transact/trade in virtual currencies, it said those that indulge themselves do so at their own risk.

Read more: CBN Issues Fresh Warning To Nigerians on MMM, Bitcoin, Others

However, the message can cause several upsets in the Nigerian bitcoin market.

  • Some banks would obey CBN's directive and suspend the accounts of known bitcoin traders.
  • Difficulty in victual currency trading could increase
  • CBN will impose charges/levies on Virtual Currency Operators
  • Due to the warning, bitcoin operations could be on the rise, as people panic to make quick trades. There could also be a rise as financial operators test CBN's might and flout the directive


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