You must be wondering how to trade on Luno App even with the recent ban by CBN on cryptocurrency.
The CBN said the reason why crypto was banned was that it was used for money laundering and terrorism. Nigerians believe that cryptocurrency all these years has been used mainly for legal business transactions.
Though the crypto ban has been there all the while, this time around the Federal government of Nigerian has passed a circular to every bank to shut down every account that has anything to do with crypto. With regards to the crypto ban in Nigeria Binance has suspended naira deposits on their platform and Luno as well paused withdrawal and deposit for the main time.
How You Can Trade on Luno App in Nigeria even with the crypto ban
Trading cryptocurrency despite the CBN ban in Nigeria is still very possible except for the fact that it is now more expensive than it used to be.
The CBN ban only restricted Nigerian customers from withdrawing and depositing. Therefore your account will operate as usual which is trading between cryptocurrencies.
The CBN ban did not affect any functionality on the Luno App features, it only affected deposit and withdrawal on banks. So you can still send and receive bitcoin using the Luno app as well as exchange.
Cryptocurrency exchanges are apps or platforms designed to match up sellers with buyers of different cryptocurrencies.
To buy from an exchange, the buyer needs to found their exchange account or wallet account. This can be done using local currency or any other crypto.
Presently, there is an alternative to trading cryptocurrency with is called the Peer-to-peer Transaction. This is a situation where buyers are connected directly to sellers to buy and sell crypto. In this case, payment is done using other cryptocurrencies or direct bank transfer to the other user, or direct cash payment.
Conclusion on Trading Cryptocurrency with Luno app In Nigeria
Bitcoin has come to stay and there is nothing the Nigerian government can do about it.
If you wish to trade on the Luno app despite the CBN ban, all need to understand is that CBN did not ban bitcoin but only banned Nigerian banks from trading or supporting cryptocurrency trade.
At this point, all you have to do is to find your way to trade directly with people without getting the banks involved. this method of trade like I called it before is Peer-to-peer
Sure, the guide on how to trade on Luno in Nigeria with the Cryptocurrency Ban was a helpful one. For further info or question on cryptocurrency, kindly drop your question in the comment box below. Thank you.
