Nigeria's banks, non bank financial institutions and other financial institutions are required to immediately close all accounts involving cryptocurrency transactions and prohibit the sale of cryptocurrency or provide payment facilities for such transactions, according to an official letter issued by the Central Bank of Nigeria a few days ago. The central bank warned that failure to comply with the directive would lead to "severe regulatory sanctions.".
Nigeria is the most active cryptocurrency market in the African continent. In terms of transaction volume, Nigeria is the second largest bitcoin market in the world, second only to the United States. According to statistics, Nigerians have traded about 60215 bitcoins since 2015, accumulating or exceeding US $566 million.
The ban has aroused widespread concern and controversy in Nigeria. Some young Nigerians say the ban will stifle innovation and free employment, and hinder the development of the country's digital economy; others welcome the ban, saying it will block the financial transactions of terrorists and armed rebels, who obtain funds from their international sponsors to buy ammunition through cryptocurrency, and it will effectively block illegal trade Financial support for the March.