Nigeria’s history with crypto has been a bittersweet one where the citizens have embraced digital assets with open arms but the government remains vehemently against it. This resulted in a ban on cryptocurrencies in the country where citizens have been unable to carry out crypto transactions using their bank accounts. And now, the central bank has given an explanation as to why it made this move.
Crypto Is A Threat To Financial Stability
According to a local news report, the Central Bank of Nigeria provided clarity on its decision to prevent Nigerians from being able to carry out crypt transactions using their commercial bank account. Apparently, they believe that these digital assets carry inflationary risks and as such, they pose a threat to the financial stability of the country.
This reason was put forward by Kinsley Obiora, the Deputy Governor of Economic Policy at the Nigerian central bank, at a…
