Exclusive Reports

Thu, Apr

CBN Ban: Luno Halts Naira Deposits For Cryptocurrency

Trending Now

Following the ban placed on cryptocurrency by the Central Bank of Nigeria (CBN), Luno, a cryptocurrency trading platform has paused naira deposits. Luno is aware of the circular issued by the Central Bank of Nigeria advising financial institutions in the country to close bank accounts held by cryptocurrency service providers,” Luno said in a statement. “In light of this, Luno is pausing Naira deposits while we seek further clarity from the authorities. Luno said the ban will affect activities on the platform, however, the withdrawal will be processed but will take longer.

Meanwhile, the CBN ban has been met with backlash by the public and the apex bank has said the decision was taken with the best interest of the country, as it poses a threat to the anti-corruption agenda and national security.

“The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians from the risks inherent in crypto assets transactions,” CBN spokesman Osita Nwanisobi said in a statement.

“They are increasingly being used for money laundering, terrorism financing and other criminal activities,” Nwanisobi said.

“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time.”

Other investment platforms and fintech companies in Nigeria including Agropartnership, Piggyvest, and Risevest have made adjustments to the operations.