Nigeria has a complicated relationship with cryptocurrency, with citizens embracing it while the government remains opposed. The central bank has banned crypto transactions using bank accounts, citing concerns about inflationary risks and threats to financial stability. Despite this ban, almost half of the country's population, made up of young people, are currently using cryptocurrencies. The country was one of the first to launch its own Central Bank Digital Currency, but adoption has been slow as citizens prefer Bitcoin, Ethereum, and USDT. An amendment to the Investments and Securities Act 2007 bill proposed in December 2022 aims to recognize Bitcoin and cryptocurrency usage in the country.
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Central Bank of Nigeria Cites Inflationary Risks as Reason for Ban on Crypto Transactions
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Nigeria accuses Binance of laundering $35.4 million, and a hearing on the detention of Binance executives will be held on April 4
Nigerian government has accused Binance of money laundering, with an amount involved of $35.4 million. After EFCC submitted documents on Thursday, Binance currently faces two separate criminal charges in Nigeria. The Federal Inland Revenue Service (the country's tax authority) has also accused the exchange of tax evasion. In addition to the criminal proceedings, the Nigerian government is also seeking to extend the detention period for Binance executives. The case will continue with a hearing on April 4.
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