Quidax, a leading cryptocurrency exchange in Africa, has introduced free bank account deposits and withdrawals for its Nigerian users. This development follows the Central Bank of Nigeria’s (CBN) decision to lift the country’s two-year ban on cryptocurrency transactions. Starting December 22, 2023, Quidax is offering this free service for 30 days, a move seen as a celebration of the lifted prohibition and a seasonal gift to Nigerians.
This initiative by Quidax allows existing and new customers to conduct transactions without incurring additional fees through their bank accounts. The company emphasizes completing the necessary identity verification processes to utilize these free services. This gesture is a significant step towards enhancing the convenience and affordability of cryptocurrency trading in Nigeria.
The Impact of CBN’s Policy Reversal on Crypto Industry
The lifting of the ban by the CBN announced via a circular to all commercial banks, marks a pivotal moment for Nigeria’s cryptocurrency industry in 2023. This reversal comes after the initial February 2021 ban prohibited banks from facilitating transactions with crypto-related entities. The ban had posed a significant challenge to the growing Nigerian crypto community, which previously enjoyed the freedom to conduct crypto and fiat transactions via bank accounts.
Despite developing the National Blockchain policy in May 2023, the prohibition remained effective until the recent announcement. The reversal is expected to significantly ease the process for crypto investors in Nigeria, enabling them to engage in crypto-based transactions through their bank accounts more freely. This move is anticipated to foster a more enabling environment for cryptocurrency trading and adoption within the country.
Quidax’s Strategic Adaptation and Expansion Plans
During the ban, Nigerian companies in the crypto space faced significant challenges. Many either moved their operations abroad or ceased operations entirely. However, companies like Quidax adapted by innovating to maintain their customer base and operations.
A Quidax executive said the company strived to uphold global best practices despite regulatory challenges. Relaxing the CBN’s restrictions is seen as a positive development for the industry, likely to boost crypto adoption in Nigeria.
Quidax, celebrating its fifth anniversary, has been focusing on expansion. With the lifting of CBN restrictions, the Lagos-based exchange is now positioned to attract a broader customer base and offer enhanced service value. The company’s resilience during the ban and its response to the policy change underscores its commitment to fostering a favorable environment for cryptocurrency trading and adoption in Nigeria.
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