Crypto trading thrives in Nigeria despite official disapproval
Information about Crypto trading thrives in Nigeria despite official disapproval
By Chijioke Ohuocha and Libby George
LAGOS (Reuters) – Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove.
“Crypto just allows me to transact freely and within minutes we are done with our transactions,” the 28-year-old told Reuters from a friend’s studio in Lagos where he displays his works.
Nigeria’s Central Bank barred local banks from working with cryptocurrencies in February, warning of “severe regulatory sanctions” and freezing accounts of firms it says are using them.
But Joseph’s appetite for crypto, like many in Nigeria, has only increased.
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