Some Safety Tips To Consider While the Nigerian Central Bank Forces Cryptocurrency Traders' Accounts to Close

The fact that the Central Bank of Nigeria has restarted the forced suspension of bank accounts found to be engaging with cryptocurrencies is no longer news. Many Nigerians have been unable to trade cryptocurrency straight from their accounts as a result of this issue, as the body has threatened to cancel accounts.

As a result, many Nigerians have become accustomed to trading cryptocurrency on a peer-to-peer (P2P) basis through an exchange or a group formed by individuals with an escrow service on standby. The regulation has been revisited, and it's hot right now. I read about a trader whose account was permanently closed down with 400 million naira, and this is not a joke; this guy left a note requesting that if anything happens to him, they should try to look after his mother. That's how severe it is; years of hard effort have been wasted in a matter of seconds. It's past time for us to be extra cautious in our dealings. I'll show you how to secure yourself and your business partners in two ways.

1. Keep an eye out for new members of the Escrow club.

Many bank employees are now becoming involved in trades to catch accounts that connect with cryptocurrencies, as we've noticed. As a result, in any Escrow group you're a member of, allow the administrator to properly verify a new member to ensure they aren't put on a quest to find accounts that are actively trading cryptocurrency. Furthermore, if you're using an exchange P2P platform, there are bound to be merchants you've dealt with before; please stick to trading with them for the time being. Similarly, if you're using an escrow group, you can stick to old users you've known for a long time.

2. Description of the transaction

Always avoid using crypto-related descriptions in transactions, whether on an exchange P2P platform or in groups using Escrow service. For example, a user might write: Payment for 1 BTC or 60 USDT, please don't do it right now; you could jeopardize your account and the accounts of your trading partners. Keep your description as short as your name; many Nigerians in the crypto environment already know who is paying them without adding crypto details. Please follow the rules.

Final Words

Finally, please follow these simple safety measures outlined above to avoid unfavorable outcomes as dictated by the body. We hope that this period will pass as well, and that our hard-earned assets will not be squandered in the blink of an eye. Everyone, please stay safe.