Luno Nigeria set to enable Naira deposit and withdrawal in coming weeks

The Cryptocurrency trading platform Luno has announced to resume Naira deposit and withdrawal for Nigerian users in the coming weeks.

The announcement came in through e-mail notification to all Luno customers on Thursday 16 September saying-

"We are pleased to announce that we have approved a solution to enable our customers to withdraw and deposit Naira again on Luno. This will be available on our platform in the coming weeks."

furthermore, Luno stated that customers "would receive more information along with the planned launch date, soon. in the meantime, you can still by, sell, send, and received and earn crypto with funds that are already in your wallet."

This announcement came in after halting naira deposits and withdrawals for Nigerian crypto traders eight months ago.

You will recall that the Central Bank of Nigeria (CBN) ban all banks and financial institutions from operating cryptocurrencies exchange in the country which forced all Nigerian fintech companies and crypto exchange platforms like Luno to stop transactions in Naira.

The excuse is given by CBN then was that cryptocurrency and virtual currencies are largely used in terrorism financing and money laundering, due to the anonymity of the crypto transactions.

However, this ban from Nigerian Apex Bank does not stop Nigerians from trading crypto but increasing the level of crypto adoption through P2P transactions among the citizens.

The Nigerian government has since planned to offer an alternative to Nigerians with the introduction of e-Naira, in the process the CBN governor Godwin Emefiele listed the benefits of the e-Naira to include increased cross-border trade and accelerated financial inclusion.

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