Quidax, a prominent cryptocurrency exchange in Africa, is introducing a unique feature for its Nigerian users – free bank transfers for crypto transactions. This comes as a result of the Central Bank of Nigeria (CBN) lifting the ban on cryptocurrency transactions in the country. Starting from December 22, 2023, Quidax will be offering this free service for a period of 30 days, which is being seen as a celebration of the lifted prohibition and a special gift to the people of Nigeria.
By offering free bank deposits and withdrawals, Quidax aims to make cryptocurrency trading more convenient and affordable for its customers. However, it is important for users to complete the necessary identity verification processes in order to utilize these free services. This move is a significant step towards enhancing the overall experience of trading cryptocurrencies in Nigeria.
The CBN’s decision to reverse the ban on cryptocurrency transactions has a significant impact on the crypto industry in Nigeria. The initial ban, which was implemented in February 2021, prevented banks from facilitating transactions with crypto-related entities. This posed a major obstacle for the growing Nigerian crypto community, as they were unable to freely carry out crypto and fiat transactions through their bank accounts. However, with the recent announcement, investors in Nigeria can now engage in crypto-based transactions more freely, which is expected to create a more favorable environment for cryptocurrency trading and adoption in the country.
During the ban, many Nigerian crypto companies faced challenges, with some either moving their operations abroad or shutting down completely. Quidax, on the other hand, adapted by innovating in order to maintain its customer base and operations. The company remained committed to upholding global best practices despite regulatory challenges. The CBN’s decision to relax restrictions is seen as a positive development for the industry, as it is likely to boost crypto adoption in Nigeria.
As Quidax celebrates its fifth anniversary, it has been focusing on expansion. With the lifting of CBN restrictions, the Lagos-based exchange is now in a stronger position to attract a wider customer base and provide even better services. The company’s resilience during the ban and its response to the policy change demonstrate its dedication to fostering a favorable environment for cryptocurrency trading and adoption in Nigeria.
In conclusion, Quidax’s introduction of free bank transfers for crypto transactions in Nigeria is a unique offering that celebrates the lifting of the ban on cryptocurrency transactions in the country. This move is expected to greatly enhance the convenience and affordability of trading cryptocurrencies in Nigeria, while also fostering a more favorable environment for crypto adoption.