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But I say as a voice of our generation, all their plans would be futile…, Nigeria government just like backwardness may God have mercy on us, what ever they want.they should do but they cannot stop us wicked government. Transactions, investment and transfer of funds through cryptocurrency is on the rise. This website uses cookies to improve your experience. Buhari is coming for you, — Kelvin Odense (Not Odanz) (@MrOdanz) February 5, 2021, They say crypto is the future but Nigeria don’t want it smh Nigeria don’t have future #WeWantOurCryptoBack, — JEJE ✨ (@Lagospresident) February 5, 2021, The Government decided to ban crypto trading in Nigeria because it saw that its youths were making a living out of it #WeWantOurCryptoBack, — Cactus Jack (@Ukaji11) February 5, 2021. The CBN or any government at all cannot ban crypto. In other news, WITHIN NIGERIA reported that Governor of the Central Bank of Nigeria (CNB), Godwin Emefiele on Tuesday appeared before the Senate to defend the ban on cryptocurrency trading in the country. July 15, 2020. The move started with banning some payment platforms for freelancers, and now a complete ban on crypto. This ban was only a matter of time.#wewantourcryptoback, — P.article! People will move volumes of crypto & #BTC in hard drives & cold chain storage. Pls join #wewantourcrypoback. I wonder how these people reason. By Muhaimin Olowoporoku The Nigerian Senate on Thursday summoned the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele over ban on use of cryptocurrency in the country. A trained strategist. In February 2021, the apex bank issued a circular to commercial banks, directing them to close all bank accounts linked with crypto trading. They're trying to control us, please support us to raise our voices against the Nigerian Government! Personally, I feel the way funds were disbursed using crypto and all during the #EndSARS protest must have been a lingering pain for the govt. Following the recent ban by the Nigeria Government prohibiting Nigerians From buying, selling and even trading Cryptocurrency . — Olawale Adetula (@thetoolsman) February 5, 2021. The crypto ban was announced in a … Crypto currency is not a crime!! Are we to move forward wit silly Npower programs, trader moni abi gbo gbo radarada yen ni? She has to approve. Revisiting CBN’s ban on cryptocurrency. Major advantage of Crypto is you cannot stop it. You will not succeed. Inflation is increasing by the day, herdsmen are killing and kidnapping, we can’t even live in peace and yet, government keeps deaf ears to our cry, and they just do what they know how to do best, which is to try to make life harder. On the 5th of February 2021, the Central Bank of Nigeria (CBN) 1 released a letter addressed to banks and other financial institutions which stated that dealing in cryptocurrencies and facilitating payment for cryptocurrency exchanges are prohibited. They now have a justification from the CBN. However, Vice President Yemi Osinbajo, speaking at a recent CBN Bankers Committee Economic Summit, called for the regulation of cryptocurrency transactions in Nigeria rather than an outright ban. Anyone getting rich through Crypto, Forex, fintech or any modern business innovation is getting rich the wrong way. This is an assault on all those staking so much in investing themselves in Nigeria. This sparked huge contentions among experts, operators and speculators alike on the rationale of the ban, and this article intends to dissect the various angles involved. Abidemi Ogunjimi Cryptocurrency Ban in Nigeria: On February 5, 2021, the Central Bank of Nigeria released circular prohibiting regulated institutions from dealing in crypto currencies and facilitating payments for crypto currency exchange within the country. On February 5, 2021, Nigeria, through its central bank banned the use of cryptocurrency and offenders to face grave penalties due to the perceived dangers to both end-users and the country. All I know is that, it is their loss. Young Nigerians resorted to crypto. Nigeria is not a normal country. This same Nigeria is among the first 3 on mobile money market, yet we can't deal with anything crypto. In a letter dated 5 February 2021, the Nigerian government through its apex bank – the Central Bank of Nigeria (“CBN”) – clamped down on cryptocurrencies in Nigeria. If u do scan document well, u will notice… These is a lie. Nigeria !! No wahala!! Has nothing to do with crypto. The Central Bank of Nigeria (CBN) has declared that there was no time the bank banned the activities of Cryptocurrencies in the country. The Central Bank of Nigeria on February 5, 2021, released a statement signed by the Director of Banking Supervision Bello Hassan and the Director of Payments System Management Department Musa I. Jomoh, prohibiting financial institutions in Nigeria from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchange. Will you keep choking us till our last breath? 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Please can someone tell me were I can buy cattle low and sell at a high price. Accept This is going to be another phase of#ENDSAR. !#WeWantOurCryptoBack, — O.N.Y.E.K.A.C.H.I (@NwabuwaV) February 5, 2021. It’s time to sorosoke #speakup for your right. Can't buy crypto with Bank deposits Can't buy Crypto with Visa and MastercardCan't withdraw Crypto to Banks Nigeria government enough is enough #WeWantOurCryptoBack, — IBOM PLAZA ❤️ (@ItsGreatman) February 5, 2021. Every year there is a new Policy to destroy the Youths, Several companies run on Crypto will be destroyed, online transactions will be ruined & this gives Orgasm to CBN & Emefiele. The bank said this in a statement on Friday. Now just to destroy our future, you turned Norms into crimes and shattered people livelihoods. Nigeria I weep for your future. On one hand, a cross-session of the lawmakers are of the opinion that cryptocurrencies have made the Nigerian currency useless, but on the other hand, some think there are huge economic opportunities there, hence it should be regulated. We need our future back This is so disheartening. Weldon but let me say this, there’s no sense at all in banning cryptocurrency in Nigeria because all the affliction you may put on the youth will definitely bounce on your children and family it just a fact. This is too bad. This country expecially our leaders are our problem, what they suppose deliberate to isn’t Include, pls what we youth did for this government self because does our leaders self are frauder and they wouldn’t puzzle them, what of elders that give peoples loan and burdi changes, you no mention of that and you’re now puzzle peoples that trading with cryptocurrency, no work no anythings, before you can banded anythings you call government must to find work for youth. You speak of empowering the youth yet you block every avenue of responsible progress. sometimes I regret being a Nigerian. The Central Bank of Nigeria (CBN) has announced a ban on cryptocurrency purchase and trading in the country. Such a shame! You know the worst part of this, the Police will start arresting people with any of the Crypto trading Apps on their phones. As long as you don’t facilitate your crypto deals via any Nigerian financial institutions, you’re safe. Read More. It is in Nigeria I see that a graduate that has used all his money for schooling will finish his education and at the end he end up becoming a road side pure water seller. It simply infers that crypto traders in Nigeria may not be able to make payments to exchanges directly from Nigerian banks. The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from transacting in cryptocurrencies. P2P exchanges will flourish3. Required fields are marked *. Food scarcity Kindly share this story: Opinion. The Central Bank of Nigeria (CBN), has publicised its reasons for its controversial move to deny Nigerian crypto exchanges access to banking services.. Recall that on Friday, February 5, 2021, the CBN released a three-paragraph circular that effectively put an end to the connection between Nigerian crypto exchanges and licenced financial services providers. This site uses Akismet to reduce spam. That is the only right way of getting rich in this country. Facebook: @bellanaija operations in Nigeria, the Bank wishes to reiterate that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx are not licensed or regulated by the CBN. Published 24 March 2021. Nigeria will never stop bloodshed, the souls that died during endsars protest is not enough, they need more blood to soak. #wewantourcryptoback. 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The Central Bank of Nigeria (CBN) has declared that there was no time the bank banned the activities of Cryptocurrencies in the country. Now there’s a means where you don’t have to steal or kill nor fraud anyone, our government wants to take that away again, I wonder what you want us to do then ooo. Your email address will not be published. God will never give the government peace if they continue putting the youth of Nigeria in pieces. I think you want us to be a robber now, no problem we will rob. #WeWantOurCryptoBack https://t.co/nYalX1ws4P, — Boy From The South (@OMagiq) February 5, 2021. Stop it n see more high rate in crime… Fuck u all at cbn. We seek for development yet we are running away from it. BellaNaija is not responsible for the content of external sites and news culled therefrom. Nigeria is in a Doom, Nigerians are been ruled by bunch of Devil’s since 1960. Buhari wants you to go back to farm or collect 10K tradermoni/N-power alert. This made the disbursement of funds difficult, therefore leading many youths to rely on the use of bitcoins and cryptocurrencies. Crypto platforms are decentralized, in opposition to Buhari's style. Your email address will not be published. They are taking away our source of income again. It seems as a threat to them so what do you expect? CBN explains why cryptocurrency transactions were banned By Ashimedua Adebiyi On Feb 8, 2021 Following its ban on cryptocurrency-related transactions in the country, the Central Bank of Nigeria has explained why it was done. You old fat pigs sit there all day dictating our future to us like some stupid mofos. The whole world is moving forward, Nigeria is moving backward. So, how does this ban affect crypto traders in Nigeria? Twitter: @bellanaija Because as I day like this, I don’t even know what to do next. — L.A.M.Z (@OlamideTowobola) February 5, 2021. 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