Nigerian Crypto Exchange Boss: CBN Directive Led Shift of Trades From Centralized Exchanges to Black Market Exchanges.
01 Aug 2021, 08:00
Nigerian Crypto Exchange Boss: CBN Directive Led Shift of Trades From Centralized Exchanges to Black Market Exchanges
It has been more than six months since the Central Bank of Nigeria (CBN) directed banks to stop serving customers from the cryptocurrency industry. While the measure appears to have succeeded in removing crypto entities from the banking ecosystem, the policy has however led to the growth of peer-to-peer trading.
‘Central Bank of Nigeria’s Actions Led to an Increase in Activity on the Black Market’As some reports have shown, Nigeria’s position as the biggest cryptocurrency market in Africa remains unchallenged. For its part, the CBN has complemented its regular arguments against cryptocurrencies with the now routine assurances that Nigeria will have its own digital currency.
To understand these dynamics and the impact they have had on the Nigerian crypto space, Bitcoin.com News reached out to Chiagozie Iwu, the CEO and Co-founder of Naijacrypto, a Nigeria crypto exchange. Below are Iwu’s responses to written questions.