Luno to Reinstate Deposit and Withdrawal Function for Nigerian Clients – Denies User Speculation

A report from The Guardian stated that Luno’s announcement comes seven months after banks were directed by the Central Bank of Nigeria to exempt cryptocurrency entities from their banking ecosystem. Some users in Nigeria speculate that the CBN may reverse its decision.

Owen Odia (Luno’s Nigerian country manager) denied that this was true. In a statement to News, he said that just because emails were sent does not mean exchanges are privy to CBN discussions regarding the lifting of its directive for banks.

However, the Luno manager confirmed that Luno had been working with other Nigerian stakeholders to try and find a solution that would ‘prioritise the safety of its clients’

He explained:

We have not had any direct conversations with the CBN regarding Luno’s engagement in this matter. We have however engaged Nigerian stakeholders who are able to work together with regulators and the government to reach a quick and satisfactory resolution.

Odia stresses that although Luno cannot comment on the CBN’s directives, his organization is hopeful that this situation will be resolved.

The Crypto Regulatory Framework is in the Works

After the CBN’s sudden decision to lockout cryptocurrency entities, Luno was one of few exchanges to promise to help Nigerian authorities in finding the right regulatory framework. Although there has been no evidence of any real progress, Luno’s announcement suggests that the exchange may have made some compromises with Nigerian regulators.

Nigerian crypto enthusiasts are currently waiting for Luno to reinstate the withdrawal and deposit function in order to find out if the CBN reversed its decision.