Extra hurt than good? Nigerian crypto customers in disbelief over CBN ban

The Central Financial institution of Nigeria has banned banks from servicing crypto exchanges within the nation in a transfer that echoes actions taken by its Indian counterpart again in 2018. Reactions to the information among the many political class have been divided amongst ethnic and geopolitical strains, with the extra progressive parts calling for a nuanced method by the apex financial institution.

In November 2020, Nigeria’s gross home product declined for a second successive quarter, plunging the nation’s financial system into one other recession — the second within the area of 5 years. Based on the Nigerian Bureau of Statistics, 26 out of the 36 Nigerian states didn’t obtain any international investments in 2020.

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