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The latest circular from CBN is aimed at stopping banks from engaging with cryptocurrency providers. This currently only prevents Nigerian customers from depositing and withdrawing. Your account will otherwise continue to operate as normal and you can continue to trade between cryptocurrencies. You can still log in to your account and use the cryptocurrency you already have in there as you normally would.
As noted above, you can continue to use all your account features as normal, with the exception of depositing and withdrawing. Your account and your cryptocurrency are completely safe. Luno is a marketplace where traders can come to buy and sell — the prices are therefore determined by the value traders place on cryptocurrency and the amount they are willing to buy and sell it for.
Every cryptocurrency exchange is essentially its own unique marketplace, with different traders who are buying and selling for different prices. 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.
Jostpay is a digital payment solutions company that has vast expertise in the cryptocurrency technology. Before jumping into this page, an important disclosure. In fact the website is awesome. More info OK. We have helped thousands of cryptocurrency Users feel secured. Instead, fees are baked into the price of the asset.
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. 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? Tweet us lunomoney. We are using cookies to provide statistics that help us give you the best experience of our site. You can find out more by visiting our privacy policy. You can generate passive income by staking your favorite assets. Push your investment potential to the next level with Binance Staking and enjoy our reduced fees. Getting started.
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