The CBN letter told local banking institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited under a 2017 circular stating Bitcoin (BTC) and other cryptocurrencies are not legal tender in the country. While the move might impact fiat on- and off-ramps, most of the nation’s crypto trading occurs on peer-to-peer platforms and remains unaffected.
Withdrawal services remain normal and will continue to be processed but might take slightly longer time than usual, as representatives said. So far, the CBN has not provided an official reason for the sudden order that is sending panic through social media.
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