Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria via a statement from the cryptocurrency exchange. The company’s move comes nearly a year after a central bank directive that forced the yellow card to suspend deposits and withdrawals.
CBN’s Growing Interest in Cryptocurrency
Almost a year after suspending services following a central bank directive, crypto exchange Yellow Card now says it is resuming local deposits and withdrawals in Nigeria. The company’s resumption of services also comes a few months after the Central Bank of Nigeria (CBN) launched its own digital currency.
In his statement published in Vanguard, Yellow Card’s director of services, Oparinde Babatunde, noted that CBN’s changing stance on cryptocurrencies may have affected his company’s decision to resume services. He said:
The tide has turned and we are now seeing a growing interest from the Central Bank of Nigeria in creating their own digital currency. Around October last year, they announced the launch of e-naira which is a digital form of the country’s currency that derives its value from the actual naira. In the coming months, we hope CBN will reconsider its stance on cryptocurrency.
Similar to other cryptocurrency exchanges, 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 cryptocurrency exchange in Africa to reveal that it will return naira deposits and withdrawals.
As previously reported by Bitcoin.com News, Luno Global was one of the first cryptocurrency platforms to announce that they will return deposits and withdrawals from naira. At the time of the announcement, Luno denied that she was in direct contact with CBN but said she was working with other stakeholders to find a solution that “prioritizes the safety of its customers.”
According to Lappatunde, the yellow card too – whose number of users is expected to swell to 500,000 by the end of the first quarter of 2022 – will prioritize the safety of its users.
“We also have a strong focus on usability, trust and safety, having implemented Smile Identity to ensure that first-tier traders can only submit documents once and they are scanned using an international db,” Babatunde was quoted as explaining.
Besides enhancing the user experience, Yellow Card will also educate Africans about cryptocurrency through webinars and platforms such as YC Academy, Vanguard reports.
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