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Cryptocurrency ban in Nigeria: Lawyers sue CBN, SEC (Details below)

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The Digital Rights Initiative has approached the Federal High Court in Lagos to challenge the Central Bank of Nigeria and Securities and Exchange Commission for prohibiting banks from dealing in cryptocurrencies and closing down of suspected bank accounts.

In the suit number, FHC/L/CS/ 188/2021, DRLI wants the court to declare that virtual currencies are securities protected under section 44 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) by virtue of the 2nd defendant’s circular dated 14th September 2020.

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They also want the court to restrain the 1st defendant from regulating or further regulating virtual currencies and cryptocurrencies in Nigeria.

Part of the suit reads partly, “In seeking the reliefs, DRLI is asking the court two resolve two questions as follows;  whether or not by the interpretation of the 2nd defendant’s circular dated 14th September 2020, virtual currencies/cryptocurrencies are securities (digital assets and/or immovable properties) protected under section 44 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended)?; whether or not by the interpretation of section 13 (a), (b), (i), (j), (k), q), (x), (y) and (z) of the Investments and Securities Act 2007, the 1st defendant can validly regulate securities in form of cryptocurrencies?”

The suit was filed on Monday, February 8, 2021 but is yet to be assigned to any Judge in the division.

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