Nigerians express anger over CBN cryptocurrency ban

Nigerians from various walks of life on Friday expressed much fury over a new circular from Central Bank of Nigeria (CBN) banning banks and other regulated financial institutions from dealing in cryptocurrencies.

In the circular jointly signed by Director of Banking Supervision, Bello Hassan and Director, Payment System Management Department, Musa Jimoh, the apex bank directed all DMBs, NBFIs and OFIs to identify persons/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately, warning of grave consequences in cases of breach.

But ordinary Nigerians who commented on the circular on social media expressed frustration, insisting that envy, jealousy and political motives were behind CBN’s move.

The circular reminded deposit money banks (DMBs), Non-Bank financial institutions (NBFIs), Other Financial institutions (OFIs) and members of the public about its earlier circular of January 12, 2017, which cautioned on the risk associated with transactions in cryptocurrency refers.

“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately”, the circular, which took immediate effect warned, “that breaches of this directive will attract severe regulatory sanctions.”

In a reaction, a Professor of Finance at the Nassarawa State University, Uche Uwaleke said the action came because CBN and SEC were not yet ready with regulations guiding crypto-asset trading platforms operations in Nigeria.

“I think this directive by the CBN to banks should be seen in the light of the risk that unregulated cryptocurrency trading could pose to the financial system,” he noted.

However, as at 4.44 pm on Friday, the development had attracted 330,000 tweets, most of them expressing anger and even fury.

JJ Omojuwa: They can’t claim crypto traders in Nigeria are faceless. You register with your BVN. You are verified based on KYC principles. This is nothing but a desperate attempt to ensure we are happy with “poverty alleviation” moves. Instead of the wealth innovation brings.

Senator Ben Bruce tweeted: “I thought it’s universal knowledge that decisions or policy regarding finance or economy should never be hasty?”

A social media influencer, Oyindamola: 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.

DJ Switch: 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!!!

Cartoon Ọmọ Pastor: These people want to ruin us entirely. They want to make us suffer. They want to make us beg them for food and what to eat every day. They feel ‘They will never be satisfied anyways’ so, let’s make them suffer and let us enjoy our own selves. God go punish them.

Kind Agbero: The government isn’t ill-informed. These are specific and calculated attacks. Nobody should tell me we didn’t do anything with #EndSARS protest. This is them trying to shelf whatever would make it easy to embark on another one.

I Am A Programmer: The targeted attack is also on restricting youths from raising foreign donations to boost Youth Democratic Party.

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