Nigeria’s Central Bank did not ban crypto trading

Adamu Lamtek, Deputy governor, said the Central Bank of Nigeria is not discouraging people from crypto trading. A statement made last month seemed to ban crypto trading, but Lamtek needed to make clear the Bank is not doing so.


Bank officials have said that the directive must not be mistaken for a ban. Instead, the bank restated a 2017 ban on institutions facilitating crypto trading.


Lamtek, speaking on behalf of Godwin Emefiele, bank chief, stated that the bank has never banned any crypto activities in the country.


The confusion arose in February, when the CBN said it was reminding banking institutions that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”