Several companies have been instrumental in enabling crypto trading in Nigeria. According to a knowledgeable executive, a temporary suspension has been imposed. A statement from one of the affected firms also confirmed this. Additionally, sources revealed that the Central Bank of Nigeria (CBN) had engaged with the affected firms before issuing the directive.
The CBN’s concern was that cryptocurrency traders were using fintech platforms to disrupt the foreign exchange (FX) market. The CBN’s perception of these fintech firms is not as favorable as traditional platforms such as banks, which enjoy a better relationship with the regulator. Initial reports suggested that the regulator had placed crypto exchanges under a “Post No Debit (PND) instruction” for a period of six months.
