Luno’s statement on the recent Central Bank of Nigeria circular (UPDATED)

Why are so many people investing in cryptocurrencies like Bitcoin?

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The way that market forces work means that these prices will usually be roughly the same across the various platforms, though they will always differ slightly. Sometimes they will only differ a very small amount, sometimes they will differ a bit more. The letter from the CBN has caused more people in Nigeria to want to sell their Bitcoin, but less people are trying to buy it.

This means that prices in the region have gone down. You can find out more about why the price of Bitcoin and other cryptocurrencies changes here. This is an ongoing situation and we are currently working with the CBN, regulators, and our payment partners to resolve this issue with the best possible outcome for our Nigerian customers.

We believe that ultimately, the best possible outcome for everyone is Nigerians being able to buy, sell and store cryptocurrency freely. However, we cannot yet say exactly what will happen in the long term.

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If you have the required documentation, we will be able to support a change to your country of verification. However, until we have more information about the situation there is no need to do so and we would not advise this course of action. On our way to the moon, we write about all things crypto. Our blog conveys the views of Luno and the many unique opinions and characters within our team. Want to let us know how much you love our blog?

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CBN to announce lending rate as Nigeria economy faces stagflation. Share on Tumblr.

Young, tech-savvy populations that have adapted quickly to bitcoin; weaker local currencies that make it harder to get dollars, the de facto currency of global trade; and complex bureaucracy that complicates money transfers. The bitcoin users interviewed by Reuters, based in five countries from Nigeria to Botswana, said the cryptocurrency was helping people make their businesses nimbler and more profitable, and helping those working in places like Europe and North America hang on to more of the earnings they send home. Bitcoin and other cryptocurrencies are unregulated in many countries and their legal status is unclear, meaning there is no safety net and little recourse if you lose funds.

For many, converting local currencies to and from bitcoin relies on informal brokers.

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Prices are volatile, and buying and selling is a complex process that demands technical knowledge. In , the Nigerian central bank warned cryptocurrencies were not legal tender, and investors were unprotected. Odunjo makes two or three transfers a month of around 0. East Asia, Chainalysis found, is one of the top partners for bitcoin trading with Africa.