Cryptocurrency: Luno resumes naira deposit, withdrawal for Nigerians

Nigerians trading cryptocurrency on Luno will be able to deposit and withdraw in local currency from November, the trading platform said on Monday.

Luno halted naira deposit and withdrawal for Nigerian cryptocurrency traders in February after the Central Bank of Nigeria (CBN) prohibited cryptocurrency trading.

The ban on cryptocurrency forced changes in the operations of Luno and other Nigerian fintech companies into cryptocurrency trading.

However, Luno disclosed that the withdrawal and depositing of funds for Nigerian users will be done through a third-party platform.

Luno warns users that it “does not set the price of bitcoin or any cryptocurrencies, we only facilitate transactions between customers.”