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The rate of Nigerians using cryptocurrency increase despite CBN's Crypto ban

On February 5, the Central Bank of Nigeria (CBN) directed banks and other Nigeria’s financial institutions to stop dealing with anything that has to do with cryptocurrencies, still recent data shows that Nigerians are using alternative ways to deal with the crypto.

The CBN can ban Naira to Crypto or Crypto to Naira conversion, but trading cannot be controlled by the CBN

Bitcoin analytic data provider (Usefultulips) indicates that the dealing of crypto's P2P trading in the country increased by 27% since the CBN restriction took effect.

Many Nigeria's financial institutions charge unnecessarily when making transactions which is not like that in the cash of crypto.

On March 8, the CBN introduced N5 rebate on every $1 sent to Nigeria to encourage Nigerians in diaspora to remit their fund through IMTOs licensed by the Central Bank instead of using cryptocurrencies and even with this policy, the world’s flagship crypto has not sunken.

Though, Crypto is virtual currency but it has value. Last year April, a bitcoin was around $8,773.11 and this year April is around $56,608.77. Cryptocurrency trading has made many of Nigerians to become financially independent.

Content created and supplied by: Ayedun1 (via Opera News )

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