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Nigeria's SEC says central bank's crypto ban disrupted the market

April 16, 2021. Summarized by summa-bot.

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The head of Nigeria's Securities and Exchange Commission says the central bank's ban on cryptocurrencies has disrupted the market.

2154 Total views 14 Total shares Lamido Yuguda, the director-general of Nigeria’s Securities and Exchange Commission has said the central bank’s crypto ban has caused significant disruptions to the market. According to a report by The Guardian, the SEC director-general made this assertion known during a press conference organized after the meeting of the Capital Market Committee on Thursday. As previously reported by Cointelegraph, the Central Bank of Nigeria barred commercial banks from servicing crypto exchanges back in February. According to Yuguda, the Commission has been forced to pause its planned cryptocurrency regulatory framework announced in September 2020. The SEC director-general also maintained that the suspension of the Commission’s crypto regulatory plans will remain in place until exchanges can operate bank accounts in the country. As part of his address, the SEC chief maintained that the Commission was working with the CBN to create an optimal regulatory regime for cryptocurrencies in the country.

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