Godwin Emefiele, governor of Nigeria’s central bank which in the past banned banks from servicing crypto exchanges, has reportedly clarified the bank’s place on the usage of cryptocurrencies within the nation.

According to native information outlet TodayNG, Central Bank of Nigeria, or CBN, deputy governor Adamu Lamtek stated on behalf of Emefiele that the bank had not banned Nigerian citizens from purchasing, trading, or promoting crypto, however “[protected] the banking sector from the activities of cryptocurrencies.” Lamtek spoke at a seminar for the Finance Correspondents and Business Editors within the capital, Abuja.

“The CBN did not place restrictions from use of cryptocurrencies and we are not discouraging people from trading in it,” stated Emefiele. “What we have just done was to prohibit transactions on cryptocurrencies in the banking sector.”

The commentary follows the CBN pronouncing remaining month in a round that it had positioned a ban on all regulated monetary establishments from offering services and products to crypto exchanges within the nation. The ban directed all industrial banks to near accounts belonging to crypto exchanges and different companies transacting in cryptocurrencies in Nigeria, caution of “severe regulatory sanctions” for any establishment in breach of the rule of thumb. Some account holders at Nigeria’s Access Bank have already reported their accounts had been closed.

Emefiele in the past referred to cryptocurrencies as “not legitimate money” with out a position in Nigeria’s financial gadget. The governor stated on the time the central bank was once doing its due diligence to raised perceive the consequences of the rising house.

However, many regulators and crypto lovers in Nigeria have criticized the ban. Some lawmakers within the Nigerian Senate have proposed inviting the CBN governor and main crypto stakeholders to a listening to to talk about problems associated with crypto rules within the nation.

Since the CBN presented the crypto ban, the cost of Bitcoin (BTC) has been trading at a top rate within the nation. Valued at $57,349 within the United States, knowledge from crypto alternate Luno lately displays BTC has risen to a greater than 70% top rate in Nigeria at a value of $97,509.

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