Nigeria has had a complicated relationship with cryptocurrencies. In February 2021, the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and other financial institutions from servicing cryptocurrency exchanges, effectively banning crypto trading in the country. The CBN cited concerns around the use of cryptocurrencies for money laundering and terrorist financing.
This move was met with criticism from the crypto community in Nigeria, as well as from some government officials and lawmakers who saw the ban as a barrier to innovation and economic growth.
However, the ban was recently lifted in October 2021, allowing Nigerians to once again participate in the crypto market. Despite this, the crypto market has continued to experience volatility, influenced by various global and local factors such as regulatory actions, market sentiments, and economic conditions
I don't really understand why an underdeveloped country would impose a ban on an innovation that can literally help their economy grow better and help the country and their people to have better lives and more income opportunities. I believe developing or underdeveloped countries should be the ones who should be more welcoming to a technology like blockchain and cryptocurrencies in general.
What do they really want to achieve by creating all these complications or by banning cryptocurrencies within the country? The government should let the people have their freedom with it and if they want, they should try to regulate it if they can.