Cryptocurrency in Nigeria? We answer some of your questions

Pulse Mix 11:31 - 21 April 2021

In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed in front of the Bitcoin course's graph of Bitfinex cryptocurrency exchange website on November 20, 2018 in Paris, France.

In February this year, many of us saw major headlines reading “CBN bans cryptocurrency,” and it led us into a frantic worry about what was going on.

Some of us were crypto investors, others had a friend who had a friend that traded in cryptocurrency, and we thought that this new development meant that bankruptcy for many would be imminent.

However, the CBN’s directive concerning cryptocurrency trading isn't alarming as most people spoke about it. In this article, Patricia, Nigeria's biggest cryptocurrency company will be answering burning questions that have been on many minds since the news from CBN.

Has Cryptocurrency Been Banned in Nigeria?

While many news headlines carried the story as a ban, CBN has actually come out to clarify that their new directive does not ban cryptocurrency activities in the country, but instead prohibit all bank institutions within the country from being involved in processing cryptocurrency transactions. This article here gives more information on CBN statement.

Is Cryptocurrency illegal in Nigeria?

Cryptocurrency is not illegal in Nigeria. However, like fiat currencies, any crypto transaction linked to a fraudulent activity like money laundering, financial scams or theft will be considered a criminal activity.

Will my bank account be closed if I trade cryptocurrency?

Banks in Nigeria are only directed to close the accounts of persons who are deemed to be using their accounts domiciled at any banking institution to facilitate cryptocurrency trading. This means that you can freely trade bitcoin on other platforms which are not a bank. For example, at Patricia we use a peer-to-peer feature on our app to enable cryptocurrency users to connect with each other and trade without the need of the bank.

What is the legit way to trade Cryptocurrency in Nigeria?

The best way to trade bitcoin is to avoid black market cryptocurrency trade as many fraudsters and scammers are leveraging the current situation to rob people of their money. Instead, choose a legit and publicly registered company like Patricia. Patricia offers a diverse list of bitcoin solutions to help make cryptocurrency transactions seamless and easy for you. Here is an article listing five ways you can trade bitcoin using Patricia regardless of the CBN restriction on banks.

Visit mypatricia.co to set up a Patricia account today to trade crypto without worries.

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