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.
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.
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.
What is this rubbish Buhari and Emefiele are doing? Have we gone back to the stone age?
A ti daran oo
— Mrs A. (@_IbkJohnson) February 5, 2021
Emefiele is finding ways to do the exact things Buhari wants him to do. He ultimately would have been unable to do these things under an administration that didnt want him to do them. https://t.co/cmc6JYp03g
— 20.10.2020 (@I_Am_Ilemona) February 5, 2021
I'm sure some rich abokis that are into $$ trading actually forced the hands of Emefiele at @cenbank to ban crypto trading.
— Sunny| Ex-Nigerian (@EgbonBigbros) February 5, 2021
With all due respect Godwin Emefiele has to be the dumbest governor in CBN history, this new policy is in retaliation to the easy follow of funds during the #EndSARS campaign which they couldn't trace or cut it's source.
— henryplanet #endsars (@henryplanet1) February 5, 2021
I'm thinking The CBN 's New Policy on Crypto was because of how people raised funds during the #EndSARS 🤔🤔🤔(Just an Assumption, Not Yet Proven).
I will advise The Nigerian Government to Move with the Worldwide Trend. #CBN #Buhari #SorosokeGeneration Emefiele | Bitcoin
— Seye Oyekunle (@seye_oyekunle) February 5, 2021
Emefiele is like puppet in the hands of Buhari and he has been delivering on their agenda to impoverish Nigeria and Nigerians. The goal of APC and Buhari is to make sure 200m Nigerians have to live on the 5k being distributed by Osinbajo. I don't expect much from 150 cow rearer.
— Premier (@SodiqTade) February 5, 2021
— Burna Papi (@PapiBurna) February 5, 2021
One of the dumbest decisions the Emefiele CBN adminstration has made is to ban Crypto currency exchanges in Nigerian Banks. Crypto currency transactions are far beyond your control, and the traditional Banks are no longer relevant. What a dumb decision!
— Akanimo Ukpe (@akviktor) February 5, 2021
Dear @JoeBiden @WhiteHouse @jack @WSJ
The poverty distributing government in Nigeria 🇳🇬 have just banned #Crypto currencies trading and deals in Nigeria 🇳🇬.
Nigerians need help.
The CBN, Emefiele and Government of Nigeria need serious sanction.
— BLOODY CIVILIAN 🇳🇬🇯🇲↗️ (@nnamdi2much) February 5, 2021
who is advising Godwin Emefiele? How can Govt just ban the buying and selling of Bitcoin and cryptocurrency?
They won't bring good ideas oo, na only to kill the ones wey dey
— Anastasia Uchenna (@anasoguegbe) February 5, 2021