Questions tagged [cbn]

Bianca Fri Jan 31 2025 | 7 answers 764

In 2021, the Central Bank of Nigeria (CBN) banned cryptocurrencies due to concerns over their potential for fraud, money laundering, and terrorist financing. The CBN also worried about the impact of cryptocurrencies on the stability of the Nigerian economy and the effectiveness of its monetary policies.

HanbokGlamourQueen Tue Dec 03 2024 | 6 answers 1083

I'm wondering about the extent of the Central Bank of Nigeria's (CBN) regulation over cryptocurrencies. Specifically, I'd like to know what percentage of cryptocurrencies are currently being regulated by the CBN.

Martina Fri Nov 22 2024 | 6 answers 1843

In 2021, the Central Bank of Nigeria (CBN) issued a directive prohibiting banks and other financial institutions from facilitating crypto-related transactions, citing concerns over the potential risks such as fraud, money laundering, and the impact on the country's financial stability.

DiamondStorm Sun Sep 08 2024 | 7 answers 1380

Could you elaborate on the Central Bank of Nigeria's (CBN) stance towards cryptocurrencies? Are they embracing this emerging technology, or are they taking a more cautious approach? Are there any regulations in place to govern the use of cryptocurrencies within Nigeria? Additionally, how does the CBN view the potential risks and benefits associated with these digital currencies? Lastly, what steps has the CBN taken, if any, to protect consumers from potential scams and fraudulent activities in the cryptocurrency space?

BlockchainLegendary Sat Sep 07 2024 | 5 answers 971

Could you please elaborate on what the Central Bank of Nigeria (CBN) has stated regarding cryptocurrency? Are there any specific policies or regulations that they have put in place? Are they supportive or cautious towards the use of cryptocurrencies in the country? How do they view the potential risks and benefits associated with this emerging asset class?