Nigerians have expressed displeasure over the directives by the Godwin Emefiele led Central Bank of Nigeria (CBN) to Deposit Money Banks (DMBs) and other financial institutions in the country to close accounts of persons who are using their systems for cryptocurrency trading.
TheNewsGuru.com, TNG, reports that a cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces.
In a statement signed by Bello Hassan,Director of Banking Supervision; andMusa Jimoh, Director of Payments System Management Department, the CBN on Monday said: “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchange is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.”
However, some Nigerians have taken to their social media accounts to express their displeasure with the developments few minutes after it was announced.
See reactions below:
On this crypto ban matter, avoid pointless arguments with those who insist on being blind whether by politics or just sheer ignorance. Conversations should focus on those with the power to make change happen. Even those, it should focus on the sensible ones in their midst.
— JJ. Omojuwa (@Omojuwa) February 5, 2021
Crypto currency: *Positively changing the lives of Nigerian youths*
Buhari Govt: pic.twitter.com/M4AitoakjN
— Oz (@franklyynz) February 5, 2021
The Nigerian government has just legitimized a reason for security forces harassment/profiling.
• Finding any Crypto app or trading app on your phone.#EndSARS
— Rinu Oduala 🔥🔫 (@SavvyRinu) 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
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
https://twitter.com/hunklechu/status/1357719265382715393?s=20
While the world is moving forward, Nigeria is moving backwards. While everyone celebrate their future we are left with celebrating our past.
The new policy against crypto is another suppression of the technology driven younger generation.
New generational leadership is needed.
— Bello Shagari (@Belshagy) February 5, 2021
#Buhari and @OfficialAPCNg enjoyed #Crypto in their Pre and post 2015 campaign….. Many people donated to their success via #Crypto…….
— ORLARYORDEY ❤️ (@iambasitoh) February 5, 2021
https://twitter.com/mbahdey4u/status/1357706412168781824?s=20
Earlier this morning:
P.O.: sir, any new ideas to make Nigerian youths suffer today?
PMB: ban crypto.#WeWantOurCryptoBack #EndSARS pic.twitter.com/UkJgMvf2si
— 🌞 (@sunshinemayor) February 5, 2021
https://twitter.com/wolexz_tricks/status/1357715853983236098?s=20