The Central Bank of Nigeria has given the go ahead to a number of banks in Nigeria, allowing them to accept cryptocoin transactions and process them.
Cryptopcoins’ and fiat banking institutions have remained at odds around the globe with certain nations such as China actively hunting down and punishing the majority of cryptocoin users. With a number of exchanges being shut down across the country, Nigeria has become a hotbed for cryptocoin development as the Stock exchange, with partnership from a number of private investors, put well over $100 million to launch a licensed exchange in the near future. The success of such projects is yet to be determined considering the likes of NairaEX have remained the steering force helping to develop bitcoin use in the country.
There have been some restrictions placed by the financial regulator as banks which have been allowed to accept cryptocoin transactions may only accept them in the areas they have been licensed in. Furthermore, the banks will also be charging commission fees of 0.25% in 2 months time with all transactions remaining free in the meanwhile !
To conclude, cryptocoin transactions will be allowed in many banks as the announcement from one of the countries biggest financial regulator, the central bank of Nigeria, has officially given the green light for the process. Initially available to a handful of banks such as the Zenith Bank, it is hoped the authorization will be extended to a number of banks across Nigeria. The regulator has also seen the benefits the rise of bitcoin has provided for the majority of economies around the nation including the GDP as a whole.