It's been almost two (2) months since the Central Bank of Nigeria issued a circular that prohibited the sending and receiving of cryptocurrency from exchanges in the country. In no small way this dealt a blow to the ways people, especially young Nigerians, have been leveraging cryptocurrency to seek economic opportunities and financial freedom.
Luno, a cryptocurrency exchange platform operating in Nigeria, was also affected by this clampdown, but has continued to encourage its users in Nigeria to be hopeful as, according to the platform, they have been engaged in productive conversations with the regulatory bodies in the country. It hopes it will be able to come to some reasonable arrangements soon, and expressed this optimism in its latest email to its Nigerian users issued recently.
While I do have a Luno account and do have a very small portfolio on the platform, my reports on this topic and references to Luno are no way sponsored or influenced by the platform in any way. I am merely sharing update on the issue whilst also being hopeful that I am able to withdraw and deposit using my account soon.
What ways do you think local cryptocurrency exchanges and platforms can best work with the regulators here in Nigeria to achieve a positive way forward for all parties? I'd really love to read your thoughts on this, thank you.
