Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to help with measures that can counter the advantages of cryptocurrencies exchanges as a channel for Diaspora remittances.
According to ABCON, these measures are necessary in order to redirect Diaspora remittance inflow from cryptocurrency exchanges to official channels.
ABCON noted that when migrants send money across borders, they prefer the minimal transaction costs of cryptocurrency exchanges as opposed to the high costs of traditional money transfer companies.
Meanwhile, Nigeria’s securities market regulator and the central bank of Nigeria are working together to find the best way to forge ahead on digital currency.
While acknowledging that the recent bank by the bank had changed the flow of Nigeria’s digital currency industry, the SEC pledged support to promote innovation.
In the world, Nigeria is second largest peer-to-peer digital currency market and the leader in Africa.
The SEC’s director general, Lamido Yuguda, revealed that efforts were being made to find a way round the ban.