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CBN retracts, says Banks, not citizens banned from trading cryptocurrencies

The Central bank of Nigeria (CBN) has clarified its position on the use of cryptocurrencies in the country.

The apex regulator had directed all domestic banks to immediately cancel their services for customers who buy, sell, or trade cryptocurrencies – a move that drew heavy criticism from both the public and private sectors.

But the CBN Deputy Governor, Adamu Lamtek, while speaking on behalf of Godwin Emefiele, the, CBN governor at a seminar for finance correspondents and business editors in Abuja, explained that the bank had not prohibited Nigerian residents from buying, trading or selling cryptocurrencies but that the CBN rather ” ‘protected’ the banking sector from cryptocurrency activities.”

“The CBN did not place restrictions on the use of cryptocurrencies and we are not dissuading people from trading with them,” Emefiele said in a TodayNG report. “What we just did was ban cryptocurrency transactions in the banking sector.”

Emefiele had previously referred to cryptocurrencies as “non-legitimate money” that has no place in the Nigerian monetary system.

His ban drew a bitter backlash, with lawmakers proposing to invite the governor and major cryptocurrency stakeholders to a hearing to discuss issues related to the regulation of cryptocurrencies in the country.

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