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Nigeria to Regulate Cryptocurrency to Flow With Global Economic Innovations

2 mins
Updated by Ryan Boltman
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In Brief

  • Nigeria plans to regulate cryptocurrencies as its central bank failed to contain the ban.
  • The country banned trading cryptocurrency in early 2021.
  • According to Google Trends, Nigeria had the second-largest interest in “Bitcoin” over the past 12 months.
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Nigeria plans to regulate cryptocurrency to be up to date with global practices. The African nation once banned the trading of crypto in 2021.

The Nigerian government might amend the Investment and Securities Bill 2007 to allow the recognition of cryptocurrency as capital for investment, according to the Punch report. The Central Bank of Nigeria (CBN) banned banks from facilitating crypto trades or serving crypto users in 2021.

Nigeria to Regulate Crypto to Stay up to Date With Global Practices 

Ibrahim Babangida, in an interview, mentioned that Nigeria must flow with global economic innovations. He is the former President of Nigeria and the current chairman of the House of Representatives Committee on Capital Markets and Institutions.

“We need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date with global practices. In recent times, there are a lot of changes within the capital market, especially with the introduction of digital currencies,” the chairman commented.

The community celebrates and believes it is time for the world of finance to step up its game.

Crypto Popular in Nigeria Despite the ban.

Nigeria banned trading cryptocurrencies in 2021. Despite the ban, the country ranks second highest in the search term “Bitcoin,” after El Salvador. 

Nigeria Bitcoin popularity
Source: Google Trends

According to a BloombergOpinion source, Nigeria has the third highest crypto transactions in the world, with 56% of its adult population participating in the transactions.

Nigeria crypto transaction
Source: Bloomberg Opinion

Additionally, 20% of Nigeria’s Internet user has exposure to crypto. Due to such popularity, the CBN could not contain the crypto ban. 

Ibrahim Babangida said, “They are digital. That is why – if you remember – when cryptocurrency was initially banned in Nigeria, the CBN discovered that most of these investors don’t even use local accounts. So, they are not within the jurisdiction of the CBN. Because they are not using local accounts, there is no way the CBN can check them.”

Due to such reasons, they find it needful to review the Act and regulate cryptocurrencies. However, he further clarified that “It is not about lifting of the ban, we are looking at the legality.”

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...