CBN ban Cryptocurrency in Nigeria direct financial institutions to close crypto accounts.

The Central Bank of Nigeria (CBN) has ordered all Deposit and Non-deposit financial institutions in the country to close all cryptocurrency account within their system immediate effect.
According to a circular making the rounds on social media, the Apex bank penned a letter to all money institutions in Nigeria as categorised below Deposit Money Banks (DMB), Non-Bank Financial Institutions(NBFIs) and Other Financial Institutions(OFIs) giving a directive to close all cryptocurrency accounts within their system.
The letter also in the same vain inform the member of the public that due to risk associated with the cryptocurrency it is prohibited in Nigeria.
The circular with the ref FPR/DIR/GEN/CIR/06/010 also stated failure to adhere to this directive will attract severe regulatory sanction.
The CBN kicking against the use of cryptocurrency in Nigeria has brought many Nigerians to the point of asking the question, is Nigeria moving forward or backwards? 

For those looking for the clear copy of the CBN circular on Crypto. 

Other countries are moving forward but guess the direction Nigeria is moving…

— Wale Adetona (@iSlimfit) February 5, 2021

You know the worst part of this, the Police will start arresting people with any of the Crypto trading Apps on their phones. They now have a justification from the CBN. Nigeria is not a normal country.

— Wale Adetona (@iSlimfit) February 5, 2021

Until this circular, I never taught of living in another country. The CBN opened a new place in my brain today. Thank you to everyone behind this draconian idea. Enjoy Nigeria alone ????????????????????????

— JJ. Omojuwa (@Omojuwa) February 5, 2021

The pain that they couldn’t control the flow of funds during end sars protest cuz donations were made in crypto still lingers in their mind, the obsession to make life harder for people & limit survival options shouldn’t be the goal of the CBN.

— YH ???? (@Yemihazan) February 5, 2021

This is one of the most backward circulars ever issued in the history of circulars. These are the things that make entire populations poor and poorer. Almost like a foreign enemy is working to make Nigerians poor, without firing a bullet. A shocking move by the CBN

— JJ. Omojuwa (@Omojuwa) February 5, 2021

The CBN directive to ban Crypto transactions is outrageous. There are so many young people innovating, creating so much despite the hostility of the Nigerian government. This is an assault on all those staking so much in investing themselves in Nigeria.

— Fakhrriyyah (@FakhuusHashim) February 5, 2021

The CBN cannot win this battle against crypto. 

1. There will always be innovations in the financial markets. These will always come with risks, e.g money laundering, terrorism financing, etc. The regulator’s job is to encourage innovation while ensuring that the product is safe

— Chidi (@chidi_esq) February 5, 2021

I’ve been waiting for the CBN to ban crypto since. Whilst the rest of the world are spending sleepless nights to regulate crypto to catch up with its growing adoption, the ever hard working & sleepy CBN decides to adopt the only tool it knows, BAN. Like Meffy, Like Buhari.

— Ayò-Bánkólé Akíntújoyè (@AyoBankole) February 5, 2021

I won’t be surprised if the latest development to ban crypto in Nigeria is blow back from the EndSars protests Just like the NIN-SIM linking was. They probably want The CBN to have total control of everyone’s account so they can freeze people’s funds at will. Kmt.

— Neymar PR (@Bagofnuts_) February 5, 2021

You forgot that same Godwin Emefiele gave draconian order through the CBN to freeze #EndSARS protesters bank accounts, which are still frozen up till now btw.

Did we all perhaps think it will stop there?????

— Rinu #EndSARS???????? (@SavvyRinu) February 5, 2021

I thought Nigeria had moved beyond the times when policy didn’t only lag innovation but actively sought to block it. The CBN move against crypto reminds me of the “early” days of Voice over Internet Protocol (VoIP) when there was a move to ban Skype but reason prevailed.

— ‘Gbénga Ṣẹ̀san (@gbengasesan) February 5, 2021

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