The Central Bank of Nigeria has banned banks from servicing crypto exchanges in the country in a move that echoes actions taken by its Indian counterpart back in 2018. Reactions to the news among the political class have been divided among ethnic and geopolitical lines, with the more progressive elements calling for a nuanced approach by the apex bank.
In November 2020, Nigeria’s gross domestic product declined for a second successive quarter, plunging the nation’s economy into another recession — the second in the space of five years. According to the Nigerian Bureau of Statistics, 26 out of the 36 Nigerian states did not receive any foreign investments in 2020.
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