Earlier today, February 5, 2021, the Central Bank of Nigeria (CBN) released a statement signed by the Director of Banking Supervision Bello Hassan and the Director of Payments ordering financial institutions in the country to stop dealing with cryptocurrencies. (Bitcoin, Ethereum, Litcoin, Ripples, Tron, Dodge etc)
“Further to other regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited.”
In short, all trading of cryptocurrency is banned in the country. No buying, No selling. While reasons for this statement is yet to be made known to the public, Nigerians have taken to their social media platforms to express their views on the issue as trading in Crypto currency is a means of livelihood for many young Nigerians.
While other countries are trying to migrate to the Crypto movement, Nigeria is banning it…. Says twitter users.
In just few hours of the statement being released, #EndSARS has resurfaced on the top trending hashtags in Nigeria alongside #Bitcoin and #WeWantOurCryptoBack.
Popular Disk Jockey, Dj Switch expressed her view, she tweeted :
“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 🚶🏾♂️“
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
Here are reactions from Nigerians below :
CBN Banned CRYPTO In Nigeria..
This shows that the government Is not fighting against corruption and poverty , it’s against youth being successful & liberated from poverty and
Nigeria government is really looking for every ways to frustrate the youth since #EndSARS protest
— ijoba money💰 (@baddestcash_) February 5, 2021
The government is using CBN against the youth so bad. #EndSARS really choke them oooo.. is this their only way or reacting ? From blocking our accounts, now crypto.
— Dr PamPam | Omo Iya Ologi (@UnclePamilerin) February 5, 2021
It doesn’t matter how many times I drive past the Lekki Toll Gate, I’ll always have flashbacks of 20/10/20.
I’ll always hear that guy singing the National Anthem in a broken voice with gunshots in the background.
Blood really does cry out.#EndSARS
— Sam Hart (@hartng) February 5, 2021
During the #EndSARS CBN blocked accounts from raising donations
We moved to Bitcoin
That thing really pained them
I see where this agenda is coming from now
Crypto currency also helps a country’s economy
But Agenda over growth
— Roviel 😏 (@ObongRoviel) February 5, 2021
How can you shut down a money market like cryptocurrency, that brings in tens of millions of dollars into your economy at the time when you are in a recession, and need every penny you can get? @MBuhari cant stop another #EndSARS by making Nigerians even poorer#BuhariTormentor
— Reno Omokri (@renoomokri) February 5, 2021
You guys know the reason for this NIN thing was because your lawmakers felt unsafe during the #EndSARS protests because numbers they couldn’t trace called them.
Bitcoin donations were made to support the movement see the news today.
Let’s brace up for social media regulation.
— Pastor Ola ✨ (@Biisi96) February 5, 2021
— JJ. Omojuwa (@Omojuwa) February 5, 2021
This country is hell!!
I started crypto trading early last month with 5k naira and I’ve made more than 20k so far!
Was about holding a class on how to trade crypto. Now my so called govt is about to take away all that from me!!
Hell fire no fit do pass this one! 😓😓#Bitcoin
— 🇳🇬WOLEXZ TRICKS 💯♛ (@wolexz_tricks) February 5, 2021
Buhari and his Cohort knows that Fulani don’t Spend or Use #Bitcoin… so they they decide to Ban Crypto currency.
Fulani 4: 1 Nigerians
— HOLYMAN ✝️ (@TheHolyman_) February 5, 2021
Our govt wahala be like conductor wey no sabi maths#bitcoin is wealth
— Samuel Mbah ◽ (@mbahdey4u) February 5, 2021
The government of Ukraine has considered building a #bitcoin mining centre to use the country’s excess nuclear power.
Meanwhile in Nigeria, the CBN just prohibited banks from facilitating crypto exchanges and have ordered that accounts involved in crypto exchanges be closed.
— Benue Breed ❄️ (@oyimzy) February 5, 2021
Valentine’s day is there, but Nigeria chose to ban Crypto and #Bitcoin instead.
Misplaced priorities if you ask me 😥
— Folajimi 🍆 (@jimmythiz) February 5, 2021
— YANG Of Kogi 🇳🇬 (@Iam_Mr_YANG) February 5, 2021
I just hope the police won’t start interrogating and Arresting boys for having #Bitcoin wallets in their phones again.
Nigeria government obviously don’t want the youths to succeed.
— Timi_ironside of Abuja 😎 (@d_timilehin) February 5, 2021