The Central Bank of Nigeria in the past has shown its dislike for virtual currencies (cryptocurrency, back in January 2017 the CBN issued a circular to Banks and other financial institutions on virtual currency operations in Nigeria, stating that VC’s are untraceable and susceptible to abuse by criminals, for money laundering and could be used in financing terrorism.
Again in 2018, the apex bank came back to warn Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in the country.
Signed by its Acting Director in charge of Corporate Communications, Mr Isaac Okorafor in 2018, emphasized that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx were not licensed or regulated by the CBN.
He claimed that dealers and investors in any kind of cryptocurrency in Nigeria were not protected by law and may be unable to seek legal redress in event of failure of the exchangers or collapse of the business warning Nigerians to be cautious against investing in cryptocurrency as doing so would be at their own risk.
Its 2021, an age where the world has gone totally digital, where currencies have also gone digital and gained global attention in this “cryptocurrency”, a digital currency that can be used to buy goods and services, a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database.
You see when the rest of the world takes 100 steps forward, Nigerian Leaders takes Nigerians 1000 steps backward.
The Central bank of Nigeria on Friday, 5th of February 2021 released a circular prohibiting cryptocurrency trading in Nigeria, they have therefore warned that financial institutions who breach this directive would face severe sanctions and has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. “Taking us 1000 steps backward”.
See reactions from Nigerians on twitter
Imagine, CBN quoted its January 2017 circular.
This is February 2021. Enough time to research and review this antique and outdated position. But no. Digbolugi policy approach yi noni.
— Adewale Fajana (@adewalefajana) February 5, 2021
I see nothing else causing this backward CBN policy over Cryptocurrency other than obsession with control.
Crypto decentralizes the ownership of money. They do not like that. Obsession.
It was the same obsession that made Buhari to appoint himself as minister of petroleum🤦🏾♀
— Toyosi Godwin (@ToyosiGodwin) February 5, 2021
Ban bank accounts. Ban protests. Ban travel. Ban press. Ban social media. Ban crypto. Who/what’s next?
You get a ban. They get a ban. Everybody gets a ban. pic.twitter.com/RHdmHULkcp
— ULOMA (@ulxma) February 5, 2021
watch crypto exchanges use Ghanian banks as their contact points and watch the Ghanian economy benefit from the inflow of so much money.
— chinedu (@LXRE__) February 5, 2021
The CBN crypto attack is more about crippling the people than impoverishing them. The latter is jara
Because how then will you fund another Protest against bad governance?
— O’R. (@TheRotimi_) February 5, 2021
The only innovation and employment Nigeria government understands is Wheel Barrow, Grinding Machine, Okada and Keke Napep.
— Slimfit (@iSlimfit) February 5, 2021
Let them ban Okro Soup & Amala but let them leave Crypto Alone Please 🙏🥺
— ODOGWS 🐐 (@Daddy_Nomso) February 5, 2021
Omoh, 2 years now Crypto have been everything, paid my final year school fees, paid my rent, did my school project, got a good Android phone, all because of trading cryptocurrencies. Nigeria don't like anything giving us hope to keep living. #WeWantOurCryptoBack
— I AM CODED ♥️ + 💡 (@CodedUpdate) February 5, 2021
Look at all the CBN policies to date… It's by design. Keep everyone poor and dependent on the government.
— Starscourge Radahn (@DarkAlin_) February 5, 2021
I thought it’s universal knowledge that decisions or policy regarding finance or economy should never be hasty? #crypto
— Ben Murray-Bruce (@benmurraybruce) February 5, 2021
Buhari loves cattle currency, not crypto currency.
— Kelvin Odanz (@MrOdanz) February 5, 2021
If the ban on crypto by CBN is true ehn, it points yet again to the ill informed, backward, poverty promoting dinosaurs 🦖 leading us. Use your time ⌚ to investigate and close accounts sponsoring terrorists in the country if you don't know what to do!!! GAWD 🤦🏾♂️#endsars 🚶🏾♂️
— Dj Switch (@dj_switchaholic) February 5, 2021
How can you ban crypto transactions in 2021 !! A currency that’s growing our economy little by little.People are making money legitimately.Doubling their money and taking care of their families with it!They just want us to suffer! Our government hates progress!! It’s saddening💔
— Oyindamola🙄 (@dammiedammie35) February 5, 2021
Hence the banning of crypto.
We have already seen the stars. 😅🤣🤣 https://t.co/Yh2PKXGj2Q
— Mo-Mo💙 (@Morris_Monye) February 5, 2021
Someone called me, wanting to sell his crypto.
Don't panic. Hold on to your coins.
— Dr. Chinonso Egemba (@aproko_doctor) February 5, 2021
While some say government is on its way to banning Social media others think the EndSars protest that happened last year 2020 in October which left many injured and some dead (we are still asking the question “who gave the order”) has the Nigerian Government shook to the core.
EndSARS really shook this govt to its core. All they have been doing is reacting, and reacting badly at that.
— Ozzy (@ozzyetomi) February 5, 2021
It just occurred to me that there might be a connection between the new CBN policy on crypto and the #EndSARS protests.
— Mark Amaza (@amasonic) February 5, 2021
I just know whatever reason they had, there are 1001 reasons why they shouldn’t have