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.
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 )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More