Luno To Resume Naira Deposits, Withdrawals

Luno To Resume Naira Deposits, Withdrawals

Cryptocurrency exchange platform, Luno, has announced the resumption of withdrawals and deposits in naira starting in November.

Luno disclosed this in an email sent to its users, after 8 months of putting a hold on naira deposits, following the Central Bank of Nigeria’s (CBN) directive to ban cryptocurrency trading.

Users will be able to make deposits and withdrawals through a third-party service, Luno said in the email.

“We’re thrilled to announce that deposits and withdrawals in Naira will resume on the Luno platform in November,” it said.

Adding that, “You will be able to deposit and withdraw funds to and from the Luno platform using vouchers purchased and redeemed through a trusted third party provider.

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“We believe that this is the safest and easiest-to-use solution currently available to our customers in Nigeria and look forward to you experiencing it for yourselves.

“The return of Naira deposits and withdrawals may cause significant price volatility, with the release of pent-up customer demand to buy and sell cryptocurrency causing unusual market behaviour that could last for several weeks.”

In February, when naira deposits and withdrawals were paused for Nigerian users, Luno said that it awaited “clarity from the authorities”.

It added that “Withdrawals will continue to be processed, but may take longer than usual.”

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