What Happened To Crypto Traders After CBN Band Some Account


 Under the Central Bank of Nigeria's limitations on cryptocurrency transactions, Nigerians traded at least N77.75 billion ($185 million) worth of Bitcoin in the first three months of the year.

That according data provided to our correspondent by Paxful, one of the country's biggest peer-to-peer cryptocurrency platforms, this represents a 5.71 percent rise over the N73.54 billion worth of Bitcoin transacted in the same period in 2021.

In the quarter under review, Nigerian commerce accounted for 25.87 percent of the total N300.48 billion ($715 million) in Bitcoin exchanged on the platform.

Global trade on the platform increased by 8.33 percent from the N277.377 billion ($660 million) exchanged in the same time in 2021.

Instead of the currency blackout in space, we now know that our law enforcement agencies require more information to aid their investigations. Today, we know that crypto exchanges like Binance, Luno, Bundle, and the others are the centralised doorway to the crypto world, and that they should be welcomed as allies by the CBN and other regulators.

He went on to say that having cryptocurrencies regulated was safer for the country than having them unregulated, because innovators believe cryptocurrencies are the future of money.

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