Bank

Security

Apex

<p>The Central Bank of Nigeria (CBN) has moved to quash rumors about the purported banning of peer-to-peer (P2P) trader accounts, emphasizing the importance of relying on authentic updates from its official website, <a href="http://cbn.gov.ng" rel="noopener noreferrer nofollow">cbn.gov.ng</a>. Despite this clarification, uncertainties persist regarding cryptocurrency regulations in the country, with concerns raised about transparency and oversight.</p>
<h2 id="b-cbn-clarification-comes-amid-regulation-uncertainties-b"><b>CBN Clarification Comes Amid Regulation Uncertainties</b></h2>
<p>The clarification from the CBN comes amidst ongoing <a href="https://thecoinrise.com/nigerian-analysts-call-for-sec-reforms-to-support-crypto-exchanges/" rel="noopener noreferrer nofollow">discussions and debates surrounding the regulation of cryptocurrencies in Nigeria</a>. While the CBN has taken a cautious approach towards digital currencies, expressing concerns about their potential risks and implications for monetary policy and financial stability, the lack of clear regulatory frameworks has led to uncertainty among market participants.</p>
<p>Meanwhile, Nigeria has emerged as the largest P2P crypto market globally, following the CBN’s <a href="https://thecoinrise.com/the-central-bank-of-nigeria-shuts-down-crypto-traders-accounts/" rel="noopener noreferrer nofollow">ban on institutions from buying and selling crypto in 2021</a>. However, a circular issued to banks in December 2023 lifted the ban.</p>
<h2 id="b-nigeria-s-apex-bank-worries-over-binance-activities-b"><b>Nigeria’s Apex Bank Worries Over Binance Activities</b></h2>
<p>The concerns raised have come to light, especially after recent disclosures regarding the movement of funds through platforms such as Binance.</p>
<p>The country has intensified its monitoring of Binance, as the CBN voiced worries regarding <a href="https://thecoinrise.com/binance-under-the-crosshairs-of-nigerian-central-bank-details/" rel="noopener noreferrer nofollow">“suspicious transactions”</a> conducted through the exchange’s Nigerian branch in 2023. CBN Governor Olayemi Cardoso pointed out that $26 billion flowed through Binance in Nigeroa in 2023, originating from undisclosed sources and users.</p>
<p>To regulate cryptocurrency exchanges the National Security Adviser’s office reportedly detained two senior Binance officials in Abuja, Nigeria’s capital.</p>
<h2 id="b-nigeria-is-the-most-crypto-aware-country-b"><b>Nigeria is the Most Crypto Aware Country</b></h2>
<p>As per research by the Web 3.0 software firm Consensys last year, <a href="https://thecoinrise.com/nigeria-turns-out-to-be-the-most-crypto-aware-country/" rel="noopener noreferrer nofollow">Nigeria leads all other regions in cryptocurrency consciousness</a>, having 99% of the population familiar with the concept and 91% willing to invest.</p>
<p>The company discovered that four out of five Nigerians are familiar with cryptocurrencies and practically all of them had heard of it. <a href="https://thecoinrise.com/coingecko-nigeria-is-the-worlds-most-crypto-curious-nation/" rel="noopener noreferrer nofollow">Nigerians view cryptocurrencies as a substitute for conventional finance</a>. Additionally, 58% of Nigerians aged above 18 and below 65 who participated in the study, believe cryptocurrencies will be the next form of money.</p>
<p>Due to the volatility of the local currency, Naira, several individuals have ventured into the cryptocurrency industry. This has formed a major mainstay for the youths, making the whole Binance saga a locally tormenting ordeal for traders.</p>
<p>The post <a href="https://thecoinrise.com/central-bank-of-nigeria-denies-p2p-trader-account-ban-rumors/" rel="noopener noreferrer nofollow">Central Bank of Nigeria Denies P2P Trader Account Ban Rumors</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.</p>

Central Bank of Nigeria Denies P2P Trader Account Ban Rumors

Table of Contents

TheCoinrise Media

Other articles published on Apr 24, 2024

Why Book of Memes (BOME) and BONK Price Surges May Not Last: These Resistance Levels Pose Upside ...

Insights on Bitcoin’s Price Trajectory and Market Dynamics

Billion Dollar Jackpot Attracts Theta Network & Mobox GameFi Investors To Presale As Rising Altco...

Now AI Apps Can be Monitored in Real-Time with AI Control Center to Stop Harmful User Input

Explore the Next Big Crypto Wins with These 4 Altcoin Jewels

Bitcoin Prepares for a Major Leap, Analyst Predicts

Join our free newsletter for daily crypto updates!