Nigerians react as Federal Government bans trading of cryptocurrencies! See reactions👇

The Federal Government, through the Central Bank of Nigeria,  (CBN) has placed a ban on the trading of cryptocurrencies bitcoin, ethereum, dogecoin among others in the country.

This was contained in a memo issued today, 5th February 2020, signed by the Director of Banking Supervision, Bello Hassan.

Accordingto the CBN, carrying out cypto-related transactions by financial institutions is now prohibited.

The CBN also directed banks to close immediately all the accounts of individuals or entities used in trading cryptocurrencies within their system.

Crytocurrencies

Recall that the CBN issued out a memo in 2017 to financial institutions in the country where it highlighted the procedures in dealing with cryptocurrencies as well as the risk involved in carrying out transactions.

Cryptocurrencies

The news of the ban on cryptocurrencies in has generated a huge number of reactions from young Nigerians especially on social media as many claim that the Federal Government is making life more difficult for the youths.

Others labelled the CBN Governor, Godwin Emefiele as a puppet while reacting to the development.

See reactions👇

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