The Central Bank of Nigeria, CBN, has banned crytocurrency trading in the country.
The apex bank, on Friday, ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions.
This is coming after the country was named the second-largest Bitcoin market in the world (after US) in 2020.
Reacting to the development, afrobeats singer, Davido, who had earlier informed three days ago that he is contemplating opening a crytocurrency trading company, said it is regretable that the government’s decision is coming just three days after he made the revelation on Twitter.
“Wooooooow only took 3 days,” he wrote on Twitter whilst quoting his previous tweet.
Other Nigerians have also taken to their social media handles react to the ban.
Reno Omokri, former aide to ex-president Goodluck Jonathan, wrote;
“You can’t create jobs for youths, so they created jobs for themselves via #Crypto #BitCoin. And now you have shut that down.
We can’t farm because of your kinsmen herdsmen. We can’t manufacture because you gave us no electricity. @MBuhari, what do you want us to do?
#TableShaker.”
Lamenting on the government’s decision, popular influencer and Endsars protester, Savvy Rinu wrote;
“The whole world is keen on Crytocurrency but CBN takes steps to return us to the age of spending cowries.
And you say this country is not a zoo?🥺”
On her part, popular disk jokey and Endsars protester, DJ Switch wrote;
“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 🚶🏾♂️.”
IDOMA VOICE recalls that in October last year, at the height of the #ENDSARS protests, the Central bank restricted some financial institutions from receiving or making crypto payments. The restricted accounts belonged to predominantly young Nigerians who had either sent or received funds to run the #EndSARS protests. When the major fundraisers, Feminist Coalition, were blocked, a bitcoin wallet was set up which donors used to pour in support from across the world.
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