The Central Bank of Nigeria banned Bitcoin and other cryptocurrencies on Friday 05.02.21. All banks have been ordered to immediately stop serving customers who trade Bitcoin and co- or facilitate payments to crypto exchanges.Africa\u2019s \u201cBitcoin Nation\u201d is now experiencing a severe restriction by the central bank, which wants to stop trading BTC and all other digital currencies. In the open letter to the various banks and financial service providers, the central bank writes:Trading cryptocurrencies or processing payments for cryptocurrency exchanges is prohibited.All banks are urged to \u201cidentify individuals and\/or companies trading cryptocurrencies or operating crypto exchanges on their platforms and ensure that such accounts are closed immediately.\u201dDue to this ban, the consequences are yet to be seen for the new and emerging industry in Nigeria. Will other countries possibly follow suit, and how will this affect Bitcoin in general?Nigeria is economically the strongest country in Africa with a gross domestic product (GDP) of 448 million USD in 2019 and ranks first in the world in peer-to-peer Bitcoin trading. However, the \u201cBitcoin Nation\u201d can also hold its trading volume on various crypto exchanges. It is in third place behind the USA and Russia.In Nigeria, the peer-to-peer crypto exchanges Paxful and LocalBitcoins are top-rated. Arcane Research found that weekly trading volume doubled from $8 million to $16 million in the second quarter of last year.Nigeria still ranks 27th globally in GDP, but the Naira (NGN) has suffered an extreme decline in value over the last 20 years. Nigeria\u2019s fiat currency has lost about 64% against the euro since 2003. The population has long suffered from the falling purchasing power of the federal money.The Corona pandemic has put additional strain on the country. In December, a World Bank official told the Financial Times that 15\u201320 million Nigerians, about 10% of the population, could\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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