Luno, a cryptocurrency dealer in Nigeria and other parts of the globe has said restriction to access to cryptocurrency may leave Nigerians vulnerable to scams.
The Central Bank of Nigeria (CBN) had earlier in February directed Deposit Money Banks and other financial institutions to close accounts of people using their systems for cryptocurrency trading.
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The ban on crypto transactions created outrage but CBN Governor Godwin Emefiele clarified that the apex bank only reminded Nigerian banks that they were forbidden through a circular of January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies.
In a statement, the Chief Executive Officer of Luno, Marcus Swanepoel said Nigeria is among the world’s biggest users of cryptocurrency as Luno has more than three million customers.
While he shared the CBN concern for Nigerians, he expressed that the approach it has taken does not achieve the CBN’s objectives in this instance.
“Pushing people underground also makes it easier for scammers to exploit Nigerians, and we are already seeing Bitcoin trade at huge premiums in the country as a result of the ban,” he noted.
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