Bank AI

Read

In what could be described as the biggest development in the Nigerian crypto industry for 2023, the Financial Policy &amp; Regulation Department of the Central Bank of Nigeria (CBN) announced in the late hours of Friday, a lift on the ban placed on crypto transactions in the country’s financial system. 
Recall that in February 2021, Nigeria’s apex financial regulator issued a restriction on banks facilitating transactions with crypto-related entities. This ban was a setback for the burgeoning Nigerian crypto community which hitherto was able to deposit and withdraw crypto/fiat with bank accounts.&nbsp; 
Although many events have transpired in the last year, with the launch of the National Blockchain policy in May 2023, the ban was still in place until December 22, 2023, when the CBN announced through a circular that it had been lifted. 
Related post: <a href="https://technext24.com/2023/12/11/cbn-suspends-processing-fees-large-sums/">CBN suspends processing fees on cash deposits above N500,000 and what it means</a> 
With this circular which was released late Friday, crypto investors in Nigeria will be able to process crypto-based transactions via their bank accounts, making it much easier for them to trade and transact with digital assets across exchanges and payment services.&nbsp; 
<figure class="wp-block-image size-full" data-beyondwords-marker="d8626013-67a4-44a0-affe-777762ded711">
 <img width="750" height="355" src="https://technext24.com/wp-content/uploads/2022/03/Why-CBNs-Ban-on-Crypto-Could-Leave-Nigeria-in-a-Financial-Stone-Age1.png" alt="" class="wp-image-138838" srcset="https://technext24.com/wp-content/uploads/2022/03/Why-CBNs-Ban-on-Crypto-Could-Leave-Nigeria-in-a-Financial-Stone-Age1.png 750w, https://technext24.com/wp-content/uploads/2022/03/Why-CBNs-Ban-on-Crypto-Could-Leave-Nigeria-in-a-Financial-Stone-Age1-300x142.png 300w, https://technext24.com/wp-content/uploads/2022/03/Why-CBNs-Ban-on-Crypto-Could-Leave-Nigeria-in-a-Financial-Stone-Age1-380x180.png 380w, https://technext24.com/wp-content/uploads/2022/03/Why-CBNs-Ban-on-Crypto-Could-Leave-Nigeria-in-a-Financial-Stone-Age1-550x260.png 550w, https://technext24.com/wp-content/uploads/2022/03/Why-CBNs-Ban-on-Crypto-Could-Leave-Nigeria-in-a-Financial-Stone-Age1-600x284.png 600w" sizes="(max-width: 750px) 100vw, 750px">
</figure> 
Given this highly significant development, one of the leading crypto exchanges in the African crypto industry, <a href="https://www.quidax.com/" target="_blank" rel="noopener">Quidax</a>, has announced free deposits and withdrawals to customers. 
<h4 id="effects-of-the-ban-on-crypto-trading-in-nigeria" data-beyondwords-marker="fea1439d-9f6b-4512-82e4-659c9fcd3461">Effects of the ban on crypto trading in Nigeria&nbsp;</h4> 
When the unpopular policy was put in place in February, many Nigerian crypto companies had to go under the radar, while others such as <a href="https://bit.ly/41R6Nin" target="_blank" rel="noopener">Quidax</a> were forced to innovate in a bid to maintain their operations and keep their customers.&nbsp; 
According to an executive at Quidax who spoke to Technext, Quidax understood that it was a challenge, but the company was up to the task. 
“It rested on us to conduct business in a manner that still met global best practices despite the regulatory hurdles.” 
<div class="wp-block-image">
 <figure class="aligncenter size-full is-resized" data-beyondwords-marker="ea207892-c1d2-49d5-aa8f-2c81ec5abaab">
 <img src="https://technext24.com/wp-content/uploads/2020/04/buchi-okoro-quidax.jpeg" alt="Quidax Launches US Dollar (USD) Savings with to up 10% interest" class="wp-image-62168" width="514" height="504" srcset="https://technext24.com/wp-content/uploads/2020/04/buchi-okoro-quidax.jpeg 876w, https://technext24.com/wp-content/uploads/2020/04/buchi-okoro-quidax-300x295.jpeg 300w, https://technext24.com/wp-content/uploads/2020/04/buchi-okoro-quidax-768x754.jpeg 768w" sizes="(max-width: 514px) 100vw, 514px">
 <figcaption>
 Quidax CEO, Buchi Okoro
 </figcaption>
 </figure>
</div> 
Speaking on the relaxing of the restriction, the executive described it as a welcome move for the industry and will no doubt bolster crypto adoption in Nigeria. 
“We’re ready to foster an enabling environment for cryptocurrency trading while we remain committed to helping spread its adoption nationwide,” he said. 
<h4 id="quidax-launches-free-deposits-withdrawals-as-nigerias-crypto-transaction-ban-is-relaxed" data-beyondwords-marker="ad3c983c-6db2-4c00-8243-056fddd853c2">Quidax launches free deposits &amp; withdrawals as Nigeria’s crypto transaction ban is relaxed</h4> 
With the crypto ban now relaxed, <a href="https://bit.ly/41R6Nin" target="_blank" rel="noopener">Quidax</a> is looking to celebrate by providing free deposits and withdrawals to old and new customers for the next 30 days, starting from December 22, 2023.&nbsp; 
What this means is that Quidax’s customers will be able to enjoy free transactions using their bank accounts on the exchange platform. 
Read also: 
<a href="https://technext24.com/2023/09/15/tinubu-olayemi-cardoso-cbn-governor/">President Tinubu nominates Olayemi Cardoso as the 11th CBN Governor</a> 
The Quidax executive who spoke to Technext said the company was able to maintain operations even amid the CBN crypto ban. And now that the crypto ban has been relaxed, Quidax is opening doors to even more customers and would like to give them more value.&nbsp; 
<div class="wp-block-image">
 <figure class="aligncenter size-full" data-beyondwords-marker="633710d2-f792-4579-8c5b-530a929e6cbc">
 <img width="770" height="500" src="https://technext24.com/wp-content/uploads/2020/04/quidax.jpeg" alt="" class="wp-image-62167" srcset="https://technext24.com/wp-content/uploads/2020/04/quidax.jpeg 770w, https://technext24.com/wp-content/uploads/2020/04/quidax-300x195.jpeg 300w, https://technext24.com/wp-content/uploads/2020/04/quidax-768x499.jpeg 768w, https://technext24.com/wp-content/uploads/2020/04/quidax-640x416.jpeg 640w, https://technext24.com/wp-content/uploads/2020/04/quidax-230x150.jpeg 230w, https://technext24.com/wp-content/uploads/2020/04/quidax-260x170.jpeg 260w, https://technext24.com/wp-content/uploads/2020/04/quidax-380x247.jpeg 380w, https://technext24.com/wp-content/uploads/2020/04/quidax-550x357.jpeg 550w, https://technext24.com/wp-content/uploads/2020/04/quidax-460x300.jpeg 460w, https://technext24.com/wp-content/uploads/2020/04/quidax-760x494.jpeg 760w, https://technext24.com/wp-content/uploads/2020/04/quidax-600x390.jpeg 600w" sizes="(max-width: 770px) 100vw, 770px">
 </figure>
</div> 
“With the holiday period kicking into full gear, this is our gift to Nigerians,” the company’s executive said. 
To begin, customers can create their accounts on <a href="https://www.quidax.com/" target="_blank" rel="noopener">Quidax</a> via the mobile app or web (for new customers ), or sign in (for existing customers). As long as a customer performs the necessary identity verification processes, they will be able to make free deposits and withdrawals using their bank accounts for the next 30 days. 
The Lagos-based exchange which recently celebrated its fifth anniversary, has been on an expansion drive.&nbsp; And, with the CBN restrictions now being relaxed, the exchange appears poised to capitalize.

As CBN lifts ban on crypto transactions, Quidax launches 30 days free deposits & withdrawals

Technext.ng

Other articles published on Dec 23, 2023

Bitcoin Impressive Comeback in 2023 Surge and ETF Optimism

Chainlink Akan Berfokus ke Tokenisasi Aset Nyata, Apakah LINK Siap Meroket?

Fantasy Football Hub’s AI Reveals Optimal Wildcard Squad for Gameweek 19

Emerging Crypto Challenger Aims to Rival the Likes of Dogecoin and Chainlink

BONK Trading Debuts On Kraken & WazirX, How’s BONK Price Faring Now?

Insider Secrets Revealed: 3 Cryptos That May Create Millionaires by 2024 – Meme Moguls (MGLS), In...

Join our free newsletter for daily crypto updates!