Bitcoin and other cryptocurrencies are not illegal in Nigeria. At least we are still trading them. The government went tough on naira to crypto P2P trading platforms but yet we are still trading cryptocurrencies. The government were very hash but we are still trading cryptocurrencies.
About foreign investors. Nigeria government and their officials are enough to discourage foreign investors. This is not about cryptocurrencies only but generally. You can see how they dealt with exchanges that provided crypto products and services to Nigerians. You can also see what Dangote which is not even a foreign investor is facing in his own country. There are many other ones that foreign investors would be discouraged.
it is true that the we still trade crypto currencies, but is it really legal?
And what I really mean by this "legal" is does the government really support crypto , no they don't .if they do how would it really affect the country positively or negatively.
Supporting cryptocurrency and legality of cryptocurrency no be di same thing, our government no ban am but dem no give am di needful support wey im need. If Bitcoin and other cryptocurrencies de illegal for Nigeria, Nigerians no go fit to trade am and exchanges no go get any business for di country, so crypto de legal for Nigeria. But for support matter our country no too give enabling environment for cryptocurrency to operate for di country.
As CBN restrict banks from facilitating crypto matter make many Nigerians to feel say cryptocurrency de illegal for di country, also dis recent issues wey di government de get with exchanges na anoda way of not supporting cryptocurrency usage. As dis reputable exchanges don restrict naira p2p for dem platforms, how e take stop naira devaluation? Di country no too de crypto friendly but dem no ban am. As for money laundering, e don de happen before di creation of Bitcoin, so no be only through cryptocurrency criminals de take launder money.