Luno to Reinstate Deposit and Withdrawal Function for Nigerian Clients — Denies User Speculation. In fact, Luno, one of the most popular cryptocurrency exchanges on the African continent. The company informed its Nigerian consumers that it is “in the process of resuming deposit and withdrawal services on our platform”. This restoration is anticipated to happen “in the coming weeks,” according to an email addressed to Nigerian customers.
Luno Not in Direct Communication With CBN
This declaration by Luno comes seven months after the Central Bank of Nigeria (CBN) instructed banks to remove cryptocurrency companies from the financial environment, according to a story by The Guardian. As a result, several Nigerian users have hypothesized that the CBN is ready to change its decision as a result of this statement.
Owen Odia, Luno’s country manager for Nigeria, disputed that this was the case. In a comment to Bitcoin.com News, he stated that just sending the emails does not imply that the exchange is privy to CBN conversations concerning the removal of the bank order.
However, the Luno manager said that the company has been collaborating with other Nigerian players. In order to find a solution that “prioritizes the protection of its clients”.
“With regards to Luno’s engagement with the CBN, we have not been in direct conversation with them regarding this. However, we have engaged relevant stakeholders in Nigeria. Who can collectively work with the government and regulatory bodies, to find a quick and suitable resolution.”
Luno is unable to comment on the CBN’s plans about its instruction. Nevertheless, Odia underlines that his company is confident that “this dispute will come to an end”.
Crypto Regulatory Framework in the Works
Luno became one of the few exchanges to assist Nigerian authorities in searching for the proper regulatory framework for cryptos. After the CBN abruptly decided to lockout cryptocurrency companies from the banking system. In fact, there is no meaningful movement has been reported on this front. However, Luno’s declaration implies that the exchange may have achieved an agreement with Nigerian officials.
In order to find out if the CBN has changed its decision, crypto fans in Nigeria are waiting for Luno to reintroduce the deposit and withdrawal feature.