Following the Central Bank of Nigeria (CBN) order issued to banks and other financial institutions, to identify persons and entities operating crypto currency exchanges and close all such accounts, experts who noted Nigeria as the second largest traders of Bitcoin, has criticised the apex bank for not being prepared for modern financial regulation.
A professor of capital market at the Nasarawa State University Keffi, Prof Uche Uwaleke, said, “I guess it is because the CBN and the Security and Exchange Commission are not yet ready with regulations guiding crypto asset trading platforms operations in Nigeria. I think this directive by the CBN to banks should be seen in the light of the risk that unregulated cryptocurrency trading could pose to the financial system.” On the other hand, a market expert in cryptocurrency, Ayomide Adunbi-David, said the CBN policy was not encouraging trade and entry of foreign investors into the Nigerian market. He noted that ther countries are trying to include crypto into their financial system, while Nigeria is trying to block it. "It means they are trying to frustrate Crypto traders until they find a way to tax it," he added.
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