VANTAGE NEWS reported that the Central Bank of Nigeria has cautioned commercial banks and all non-banking financial institutions to stop dealing in cryptocurrencies and other related transactions.
The news is currently trending on all social media platforms with many Nigerians frowning at the decision.
See reactions from tweeps below:
'Omo x 10000! So the CBN essentially banned Crypto trading without saying they've banned it ! This is definitely not progressive thinkinG
— REAL MAN 🎵 (@koredebello) February 5, 2021
100%.Lets forget party allegiances and have thoughtful disagreements. Nigeria presently cannot afford to give opportunities to every graduate and every youth on the street. Investments like Gokada, Uber, Crypto has created employment for people. We have to better at policy making
— Toyyib Adewale Adelodun (@taadelodun) February 5, 2021
Just imagine getting arrested for having a crypto app on your phone……I regret being a Nigerian
— Roddy jnr🖤 (@davidisuglly) February 5, 2021
Crypto is a unique opportunity where people have to suffer through 50% losses on some days in order to achieve 10,000% returns
— The Bearable Bull (@thebearablebull) February 5, 2021
As it is in Nigeria right now, the best thing is to hustle and find a better country to Crypto
— Ralph 😎🍑 (@ralphdeyforyou) February 5, 2021
Even Buhari might not be aware that crypto has been banned… This country is just anyhow
— FEMI OF KETU🌈 🦁🦁 (@Clar_Olufemi) February 5, 2021
Let them ban Okro Soup & Amala but let them leave Crypto Alone Please 🙏🥺
— Odogwu🤴 (@Daddy_Nomso) February 5, 2021
The challenge will really be to educate Noobs coming into the blockchain space over these past months largely due to Bitcoin bull run. Essentially, they should not panic. Such Regulations never work in crypto, they mostly make it stronger. We have seen it over the past 5years. https://t.co/oc0l9VLkyF
— DeFi Cryptocurrency Boss (@GibsoonCorp) February 5, 2021
So Nigeria government think they can frustrate Nigerians into depression. How can they even think of prohibiting crypto currency.
— Eja Osan🐳🍊🧜♀️🍓 (@JibiobaK) February 5, 2021
If crypto gets banned eventually, I'm leaving this zoo for real.#Crypto
— Mathew Timothy McCoy (@LILTIMMY007) February 5, 2021
I can’t believe this statement was issued in 2021!
Policy makers can actually regulate #Bitcoin #Crypto while blocking all illegalities associated rather than outright ban.
Are we serious about lifting people out of poverty? THE CBN & Emefiele surprise me o pic.twitter.com/n6C8DWOdSh
— ANIFOWOSHE Titilope (Igbonla) (@d_LegalEagle) February 5, 2021