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Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
- https://www.cbn.gov.ng/Out/2021/CCD/Letter%20to%20All%20Banks%20on%20Crypto%20Currency.pdfAccordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
You should expect your accounts to be suspended soon if you've transacted with Binance Nigeria and other exchanges or custodial service using your bank account before. I hope you will find other ways to convert your cryptocurrencies to fiat and vice versa. Are there enough merchants that you can deal with P2P?
This is not something that is political for them, this is not something that requires a liberal stand point neither, it is something that is nationalistic for all these nations that are poorer than big countries.
Sure in USA you could go on with USD and people who use bitcoin sends a message, but in Nigeria people need money, and if there is a method where people could work with foreigners and make money and get dollars from them into their nations, that makes the nation richer as well because dollars go into Nigeria making Nigeria stronger in economy that way. However they really couldn't see that apparently.