Banning cryptocurrency trade in Nigeria: Was the CBN right?


The ever-present, yet, ambiguous nature of cryptocurrency as a means of exchange among other transactions has made it difficult for financial regulators to accept crypto financing as a standard in the financial market. On February 5 2021, Nigeria, through its Central Bank banned the use of cryptocurrency and offenders face grave penalties due to the perceived dangers to both end-users and the country. This has sparked huge contentions among experts, operators and speculators alike on the rationale of this ban decision, and this article intends to dissect the various angles involved. How new an…

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