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You are taking us backwards – Nigerians reacts as CBN orders banks to close cryptocurrency accounts

You are taking us backwards – Nigerians reacts as CBN orders banks to close cryptocurrency accounts

Nigerians have expressed their displeasure at the Central Bank of Nigeria’s order prohibiting commercial banks and all non-banking financial institutions from transactions involving cryptocurrencies.

The apex bank gave the order in a statement issued on Friday, February 5, stressing that all the institutions are to close the accounts of customers with cryptocurrency transactions immediately.

The statement read;

“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public 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 and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The development was frowned at by many Nigerians who took to social media to oppose the economic decision some described as archaic.

@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.

@IsimeNancy; Dear #Buhari banning Crypto just shows how archaic you are, and how your only focus is to fight against the youths. Bitcoin stays and I don’t think there’s anything you can do about that

@benmurraybruce; I thought it’s universal knowledge that decisions or policy regarding finance or economy should never be hasty?

@dj_switchaholic; If the ban on crypto by CBN is true, it points yet again to the ill-informed, backward, poverty promoting dinosaurs T-Rex leading us. Use your time to investigate and close accounts sponsoring terrorists in the country if you don’t know what to do!

@Hauwa_L; How can you be fighting with progress? When the whole world is running after crypto, Nigeria is banning it. Clown face

@RayoKasali; This Crypto ban is yet another proof that whatever the Government can’t control, it kills.

@unclebayotics; Banning crypto should tell you that the Nigerian government doesn’t care about the success of Nigerian youths. If leaving Nigeria is not part of your plans right now, you are not serious with your life

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