Underwritten by Tristan James Jr.
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.
“We believe that this is the safest and easiest-to-use solution currently available to our customers in Nigeria and look forward to you experiencing it for yourselves.”
INSIDERNOTES
Luno warns users that it “does not set the price of bitcoin or any cryptocurrencies, we only facilitate transactions between customers.
The return of Naira deposits and withdrawals may cause significant price volatility, with the release of pent-up customer demand to buy and sell cryptocurrency causing unusual market behaviour that could last for several weeks,” Luno said.
You will be able to deposit and withdraw funds to and from the Luno platform using vouchers purchased and redeemed through a trusted third party provider.
“Representation of cryptocurrency Bitcoin is placed on PC motherboard in this illustration taken, June 29, 2021. Representation of cryptocurrency Bitcoin is placed on PC motherboard in this illustration taken, June 29, 2021.”
INSIDERNOTES
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