Cryptocurrency Ban: Lawyers drag CBN, SEC to court

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The Digital Rights Lawyers Initiative, DRLI, 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, 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.

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

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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