Cryptocurrency Trading In Nigeria: Legal Or Illegal?

The impact of technology on daily living cannot be over-emphasised as it can be felt across all sectors including the financial services sector. This has led to the advent of technology-backed monetary exchange forms or digital currencies. One such area of innovation is cryptocurrencies which have been around for a while now. However, as innovative as the cryptocurrency advent is, it has faced major resistance from countries around the world due to its propensity to be used to aid terrorism-financing, commit fraud, money laundering, tax evasion, illicit funds flow, loss of investment, etc.

Nigeria is not left alone in this trend as it has been very reluctant in granting a general usage to cryptocurrency by issuing circulars warning about its usage, mandating financial institutions such as banks to desist from transacting in it as well as declaring it illegal or worthy of recognition as a legal tender or a form of exchange.