Nigerian Crypto Project Luno Tells Customers about Restoration of Withdrawal & Deposit Option

Nigerian customers of Africa’s top and biggest crypto trading platform, Luno, will very soon be able to once again re-utilize the option of withdrawal and deposit which they had missed for more than 7 months because of its suspension by the firm.

The firm has announced early restoration of the option (possibly in the next two weeks) for the customers in Nigeria and the customers have been apprised about the same through email notifications sent to them individually.

Luno is undoubtedly the most renowned crypto trading platform of Nigeria. In addition, Luno’s popularity also spreads over entire African region which makes it the Africa’s top and biggest crypto trading firm.

However, an incident took place with Luno Nigeria which resulted in the suspension of firm’s withdrawals and deposits. The decision jolted the surface beneath Luno Nigeria’s customers because they can neither deposit nor withdraw their funds from Luno’s platform.

It was later found that some concerns developed within Nigeria’s regulator bank i.e. Central Bank of Nigeria (CBN) with regard to crypto. This then forced CBN to issue directions to banks under its control to stop lending any sort of assistance to crypto exchanges. Since Luno was a crypto firm, the rule also applied to it, and, resultantly, as a consequence, Luno suspended the option for Nigerians.

From the past 15 days or so, there was a rumor surrounding the Nigerian social media. The rumor suggested that Luno is going to restore withdrawal and deposit feature for its customers in Nigeria. The reason giving birth to this rumor was the email notifications sent by Luno to its Nigerian customers. The email notifications were sent to each Nigerian customer individual suggesting that soon the option of deposit and withdrawal will be restored.

Without checking the authenticity of the news, most of Luno Nigeria’s customers believed the story. Some portion of the rumor was partially correct as well as wrong. It was correct that email notifications were in fact sent by Luno. However, it was wrong to assume that there was some policy change brought in by CBN. But the assumption amongst Nigerian customers of Luno is that there is a shift of policy within CBN.

Otherwise why would Luno send email notifications, they questioned? According to Nigerian customers of Luno, they have come to believe that CBN is going to reverse its decision regarding crypto platforms. The cooperation amongst crypto exchanges and financial institutions will be reinstated soon.

Yet, a confirmation of the news has been sent by Own Odia, who is the country manager of Luno in Nigeria. Odia has informed an online news source called Bitcoin.com that indeed the firm had sent email notifications to customers. However, sending of notifications does not mean that there is some settlement or arrangement entered into between Luno or CBN.

Instead, the notification does not even talk about the same nor can it be treated to be suggesting as such. Odia clarified that sending of notifications does not at all mean that CBN has revised its policies. He re-affirmed that the ban on mutual cooperation between Nigerian banks and crypto exchanges is still intact without any exceptions at all.

By Piotr Swat – shutterstock.com