Yellow Card, Crypto Exchange Platform Resumes Transactions in Nigeria Naira

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An African-focused crypto exchange platform, Yellow Card, has announced the resumption of naira deposits and withdrawals in Nigeria. The move by the company comes almost a year after a central bank of Nigeria directive forced the crypto exchange platform to suspend deposits and withdrawals operations.

Oparinde Babatunde, Yellow Card’s director of services in a statement made available to the media, suggested that the CBN’s altered stance on digital currencies may have influenced his company’s decision to resume services. He said:

The tide has changed and we are now seeing a growing interest from the CBN in them creating their own digital currency.

Yellow Card
Yellow Card

About Yellow Card Exchange

This relaunch is significant as Nigeria was the first African country where Yellow Card was set up, in 2018. Since then the company has solidified its presence in 14 countries, making significant strides to make cryptocurrencies such as Bitcoin, Ethereum and USDT Stablecoin accessible to anyone anywhere across the continent.

How Yellow Card Works

Yellow Card is a cryptocurrency exchange on which you can buy or sell supported cryptocurrencies with your local currency. Yellow Card also offers a secure cryptocurrency wallet with which you send, receive, and store your cryptocurrencies.

Previous story on Cryptocurrency trading in Nigeria

Around October last year, they announced the release of the e-naira which is a digital form of the country’s currency and draws its value from the physical naira. In the coming months, we hope the CBN will reconsider its stance on cryptocurrency.

Similar to other crypto exchange platforms, Yellow Card was forced to stop naira deposits and withdrawals after the CBN ordered financial institutions to exclude crypto entities from the banking system.

However, with this announcement, Yellow Card becomes the latest African cryptocurrency exchange platform to reveal it will be reinstating naira deposits and withdrawals.

According to Babatunde, Yellow Card too — whose users are projected to surge to 500,000 by the end of Q1, 2022 — will prioritize the safety of its users.

Similar to other crypto exchange platforms, Yellow Card was forced to stop naira deposits and withdrawals after the CBN ordered financial institutions to exclude crypto entities from the banking system.

New Update on Yellow Card

However, with this announcement, Yellow Card becomes the latest African cryptocurrency exchange platform to reveal it will be reinstating naira deposits and withdrawals.

As previously reported by Bitcoin.com News, Luno Global was one of the first cryptocurrency platforms to announce that it would reinstate naira deposits and withdrawals.

At the time of the announcement, Luno denied it had been in direct contact with the CBN but said it had been working with other stakeholders to find a solution that “prioritises the safety of its customers.”

According to Babatunde, Yellow Card too — whose users are projected to surge to 500,000 by the end of Q1, 2022 — will prioritize the safety of its users.

Editorial Team

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