Crypto restriction opens Nigeria to fresh foreign scramble
6 days ago
The Guardian learnt that the number and intensity of online meetings with young traders on how they can circumvent the Central Bank of Nigeria’s (CBN)’s restriction on banks and other financial institutions from transacting have increased in several folds since last week.
In one of the meetings in which The Guardian participated by proxy last week, Nigerian youths were invited to subscribe to a credit card launched a few months ago. The selling point of the card described as a lifestyle card is that it enables users to convert cryptocurrencies to five different benchmark currencies – dollar, pound, euro, yen and yuan.
A lead presenter at the meeting hosted on Zoom said each of the cards costs $79, and that it enables users to convert leading coins to any of the five currencies and could be used by any MasterCard compatible platform. He said it would be particularly useful to Nigerian youths, as the CBN “excludes the financial system from crypto trading.” The card, it was revealed, is backed with a full academy that takes subscribers through the complexity of digital currency trading and blockchain technology. Users could store as much as $500,000 in the credit card, which is used globally for any transaction.