Cryptocurrency traders seek 6-month moratorium on Nigerian central bank crypto ban

Cryptocurrency traders are seeking a moratorium on restrictions on crypto trading in Nigeria, calling on the Central Bank of Nigeria (CBN) to partially suspend the ban for six months and submit a report.

During the trading restriction window, exchanges will continue to be restricted from taking any further deposits from customers. However, exchanges will be allowed to conduct payments and clearing accounts while the central bank considers its next move.

The report, signed by 15 representatives of the Nigerian Tech Industry, follows the CBN’s ban last month on deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) from handling cryptocurrencies and facilitating payments for cryptocurrency operators in Nigeria.