Cryptocurrency Ban in Nigeria: What you should know and what you should do

 

On Friday the 5th of February 2021, the government of Nigeria through it's Central Bank ban banks and other financial institutions in the country from transacting with cryptocurrency service providers, exchangers and persons trading in cryptos. The memo also states that banks should identity such entities and close down the account.

The reason the CBN gave for giving the directive was high volatility nature of the currency, terrorism financing and decentralization.

What this ban simply means is, you can no longer deposit directly from your bank (or using your debit/credit card domicile in Nigeria) to exchangers wallet directly. Withdrawal of funds from the exchanger platforms is not affected by this directives. However, it is going to make withdrawal take much unusual longer period.

Related post: How to make daily profits trading bitcoin on Luno

The directive from CBN does not outrightly ban Bitcoin or other cryptocurrencies, but rather, it stops the banks from conducting business with cryptocurrency exchangers and facilitators. The CBN can not stop cryptocurrency because they are decentralized and are internet base. 

All funds in any exchanger wallet are safe. From the statements release by Luno and Binance, normal trading activities will continue as before and, withdrawal also is unaffected but will take longer period. All Naira deposit methods in all exchange platforms as the time of writing this report are all disabled. The exchanger platforms promise to work around the ban to see how to make your crypto experience normal once again.

Consequently, I advise you don't panic as your funds are safe. You can continue your trading activities. Peer to peer (person to person) trading can help you add fund to your wallet at this time.

Bitcoin as at today hit all time high of ₦19,000,000 on Luno. This is to show that the ban by CBN has no effect on bitcoin trading. Trading will guarantee you a steady cash flow when done professionally. 

If you want to learn how to trade professionally, Click Here.

On the other hand, another cryptocurrency doing excellently good is Dogecoin. Dogecoin has increased over 1500% in the last 7 days and it's still increasing. 

The whole world is embracing cryptocurrency. Yesterday, Tesla CEO, Elon Musk announced that his company will start accepting cryptocurrency as means of payment.

In conclusion, Bitcoin and other cryptocurrencies have come to stay and no government can bring them down. Cryptocurrency is a way of wealth redistribution and a way of earning honest income. Please do not engage in panic withdrawal of funds as you funds are safe and will continue to be safe.

 We believe that some day soon CBN and FG will accept those facts and regulate the activities of exchangers in the country to make it safer for the citizens rather than banning it.

How To Perform A Withdrawal On ATM Without Using Card

Card-less withdrawal over the ATM (Automated Teller Machine) is something everyone that owns a bank account ought to know.
The increasing security challenges sometimes force many to move around without any debit/credit card.
Also you may also unintentionally left you card but eventually, you needed some cash as your day progresses.
This article is a quick fix for all.



With the card-less policy introduced by the Central Bank of Nigeria (CBN), bank transaction is now getting easier by the day in Nigeria.

Some of these step-by-step procedures that would help to make your cash withdrawals across all banks easy and fast:


ZENITH BANK

For card-less ATM withdrawals with Zenith bank, you have to use Quickteller enabled ATM. All Zenith bank is Quickteller enabled, and the card-less withdrawal option is displayed under Quickteller cash out option. Zenith bank mobile money users have the opportunity to withdraw from ATM without the use of card. All you need do is to get a 12-digit code and a 4-digit PIN to proceed to withdraw safely and easily at all Quickteller suppported ATMs nationwide.


UNITED BANK OF AFRICA (UBA)

The first step to follow is to dial *919*30* Amount and follow the instructions prompted.  Go to the nearest UBA branch and use the ATM. On the ATM screen, select "Paycode Cashout". Enter the amount then select OK. Your transaction will be verified and your cash dispensed.



GUARANTEED TRUST BANK (GTB)

You would have to dial *737# then input "8" to select next page. Input "1" to select cardless withdrawals. Input "1" and "2" TO SELECT EITHER "GTB" or "Other Bank". If option is "Other Bank" then, enter "Terminal" as "1" or "2" to select "ATM" or "POS". Input "Amount". Enter any 4 digit code to set your 'Cash-out PIN". Enter your pre-selected 4 digits PIN to complete the cardless withdrawal request. Once all the aforementioned steps are strictly followed, you will receive a reference code as SMS on your mobile phone then you can proceed to the nearest ATM to make your withdrawals.


Also, you can follow these highlighted steps to make cardless withdrawals on any GTB's ATM nationwide: Locate any GTB ATM close to your doorstep. Press "Enter" button on the ATM. Select the "Cardless Withdrawal(GT-Rescue)" option then, enter "Reference Code" received on your mobile phone and enter "Amount" (This should be same selected when initiating request on Internet Banking, USSD or Mobile Banking). Press "Enter" button to proceed then, collect your cash.



OTHER BANK'S ATM

For cardless transactions on other bank's ATM, ensure you locate any of the preferred bank then, press "Enter" button on the ATM. Thereafter, select the "PayCode" option and enter "PayCode number" received on your mobile phone. Enter pre-selected "Cash-out PIN number" selected on Internet Banking when initiating request. Enter "Amount" (This should be same selected when initiating request on Internet Banking, USSD or Mobile Banking). Press "Enter" button to proceed then, collect your cash.



The above highlighted steps can be followed for all other banks not mentioned. What you need do is to get the bank's "PayCode PIN number" and follows the instructions prompted.