Economy
Luno Engages CBN to Enable Customers Withdraw Funds
By Ahmed Rahma
One of the popular platforms for trading cryptocurrencies in Nigeria, Luno, has addressed the inability of its customers to withdraw their funds.
In a statement on Friday, the cryptocurrency trading platform said its users have been unable to get their money because the Central Bank of Nigeria (CBN) has blocked access to its Naira accounts.
How it all started
In February 2021, the CBN directed all commercial banks and other financial institutions in the country to block the accounts of crypto exchanges.
It explained in a circular and a subsequent notice that the use of digital currency in Nigeria was illegal and that as an institution saddled with the responsibility to regulate the nation’s banking industry, it would not allow the use of illegal money.
“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
“Please note that breaches of this directive will attract severe regulatory sanctions,” a circular dated February 5, 2021, signed by the Director of Banking Supervision, Bello Hassan, said.
Though the apex bank said the directive was with immediate effect, a window was allowed for customers of cryptocurrency exchanges to withdraw their funds.
For those who could not take back their money, it has been difficult because the banks have blocked access to the accounts in compliance with the order of the regulator.
Growing concerns of customers
The inability of some trapped customers to withdraw their funds has not gone down well with Luno, which said it was having discussions with the apex bank on ways to unblock its bank accounts to allow it to refund customers’ money.
Luno addresses the issue
In the statement released today, the firm assured that it would make the refund to its clients as soon as it gets the green light from the central bank.
“We are still in communication with the CBN and are hopeful that they’ll soon grant us access to our accounts to be able to payout Naira,” a part of the statement said.
“As soon as we are able to get access to our accounts, Nigerians will be able to withdraw. In the meanwhile, rest assured that your funds are completely safe and we are on your side,” Luno assured.
Discrepancies in Bitcoin rates
Meanwhile, Luno has addressed the concerns raised by some of its customers as regards the rate the Bitcoin and other digital tokens are sold on its platform.
Some cryptocurrency traders in Nigeria had claimed the value of the Bitcoin on Luna was higher than its competitors, forcing some of them to migrate.
But Luno said the price of Bitcoin on each platform is majorly determined by the forces of demand and supply.
“Firstly, the price of Bitcoin is determined by supply and demand, not Luno or any other cryptocurrency exchange.
“Each platform and country has its own unique marketplace with its own drivers of demand,” the company stated.
“The recent CBN directive has meant Naira withdrawals are no longer possible.
“Buying Bitcoin is the only way for Nigerians looking to send the Naira they still have in their accounts.
“This means there is now a power imbalance favouring the seller, causing higher prices.
“Secondly, the ban has also created market inefficiencies that remove the correlation between different crypto exchanges, resulting in significant price differences from one exchange and another,” it further said.
Luno silent on P2P adoption
Meanwhile, the company has remained silent on the possibility of its users in Nigeria to transact cryptocurrency through the peer-to-peer (P2P) system.
In a previous statement, Luno had maintained that it was not planning to consider the use of P2P to trade the digital coins on its platform.
However, a few of its competitors, including Binance, Paxful, amongst others, have adopted this system to beat the ban of cryptocurrency trading in Nigeria.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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