The Nigerian Government bans Crytpocurrency.

[WhiteHouse]

The Central Bank of Nigeria just directed all Financial Institutions to close the accounts of those dealing with crypto transactions.

The apex bank threatened extreme regulatory sanctions on organizations that may break its order.
This new development has received alot of negative backlash from Nigerians.

I am 100% Against this motive, I know crytpocurrencies may be affecting our economy negatively but there are better and more strategic ways to deal with it and not outright ban.

What do you think of this new development?

 

[Ralphjoe]

This is a very bad news I am totally against this new directives from the Central Bank of Nigeria. I mean why would they ban cryptocurrencies transaction in Nigeria? This is not a good policy from the government at all because I don't see how Cryptocurrency transaction affects the economy negatively.

 

[Ehizzy1]

This is a very bad policy i think , and if they even if they ban the crypto currency withdrawals and deposit people would still find other alternative to use for depositing and withdrawing , like people can start using p2p trading because of that and they would have nothing to do about it
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This is a very bad policy i think , and if they even if they ban the crypto currency withdrawals and deposit people would still find other alternative to use for depositing and withdrawing , like people can start using p2p trading because of that and they would have nothing to do about it

 

[Profwriter]

The latest update regarding this situation that is going on right now is that the Nigerian government has recinded her decision on this matter, I truly hope that they don't impose unnecessary restrictions to the use of crypto currencies now or in the nearest future in Nigeria.

 

[Roysnickz]

The Central Bank of Nigeria just directed all Financial Institutions to close the accounts of those dealing with crypto transactions.

The apex bank threatened extreme regulatory sanctions on organizations that may break its order.
This new development has received alot of negative backlash from Nigerians.

I am 100% Against this motive, I know crytpocurrencies may be affecting our economy negatively but there are better and more strategic ways to deal with it and not outright ban.

What do you think of this new development?

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It a very unfortunate development. While others countries are embracing and legalizing crypto currencies, Nigeria my country is baning same. Which way Nigeria.

 

[Kingsley]

It's quite obvious the Nigerian government is unaware of the present realities, they have lost touch of the world economy and they are trying to impoverish the people of Nigeria. Trading bitcoin is one way the youth has managed to sustain themselves in this country and they just want another form of protest.

 

[Omoney]

It is very bad when I had this ,how can they take a wrong policy to destroy many souls that invested all there have in cryptocurrency, trading and betting is the only way youth survive,there just attracting another protest from the youth

 

[Ezzyoj]

A very bad decision from the government, I don't why this Nigeria government don't care about the welfare of its citizens, all they do is to create more suffering and tormenting their people. This little channel people are using to get little cash for themselves, government have closed it

 

[Achawaskey]

Is a bad move, whatever the reasons are, is not going down well with the people that owns cryptocurrency account in Nigeria, and I don't know if it will affect those that owns coins in there crypto wallets. I believe the decision will be reverse.

 

[Taiwoayan]

is a very wrong move from Nigerian government Nigeria is the second highest country with cryptocurrency trading and may have side effect later

 

[singlej007]

That's was the news flying around since yesterday, and I have not been happy about it at all, but from my own understanding from the circular I read, they cbn barn commercial banks from trading cryptocurrency not barning of individuals from trading cryptocurrency.

 

[Kelly5]

A very very bad move there by a well known government good for nothing ennovative for its teaming population. What else do you expect from a government who feels the massive should not and have no right to survive? Madness

 

[Christopher]

One thing you will know is that nigeria government did not want our country to move forward that is why they are talking of banning crypto currency. But any way they can't ban that because it is been control by computer and even that the current currency they are handling

 

[Dubai]

The Central Bank of Nigeria just directed all Financial Institutions to close the accounts of those dealing with crypto transactions.

The apex bank threatened extreme regulatory sanctions on organizations that may break its order.
This new development has received alot of negative backlash from Nigerians.

I am 100% Against this motive, I know crytpocurrencies may be affecting our economy negatively but there are better and more strategic ways to deal with it and not outright ban.

What do you think of this new development?

Let's not get it wrong guys. The Nigerian government did not outrighly ban the crypto currencies. The CBN asked the commercial banks to close the bank accounts that are used for trading and receiving bitcoin funds. In a way, the FG is trying to suffocate the use of bitcoin in Nigeria. Its a bad one for the crypto currency business in Nigeria.

 

[GoldenLady]

Looking at this situation objectively, even though 100% of my savings are in cryptocurrency, I understand where they might be coming from.

If the citizens prefer to avoid keeping their money in Nigerian banks, it hurts the economy.

Cryptocurrency has been used to carry out transaction after the protest against the government, which they won't like.

It can also be used by kidnappers to demand ransom, bandits can make payments without being traced, and corruption can increase if people can easily steal and keep money that way.

It's understandable, but that does not mean it's right.
The government had played it's part in making situation this bad.

 

[Chibson]

The ban on cryptocurrency by the Federal government of Nigeria is a very setback for some of us residing in the country. Even though we will find a way to do it, maybe the surest way for us now is binance P2P. One of the reasons I heard yesterday was that cryptocurrency was affecting the Nigerian naira.

 

[Nurudeen]

This policy shows that the nigerian government doesn't have the interest of the citizens at heart. They don't create jobs for the people and again they are still trying to make it possible for the citizens not to make their own Money. We just hope this policy will be check into again and waved

 

[Henrywrites]

This is a very bad news I am totally against this new directives from the Central Bank of Nigeria. I mean why would they ban cryptocurrencies transaction in Nigeria? This is not a good policy from the government at all because I don't see how Cryptocurrency transaction affects the economy negatively.

Well, there is nothing we can do about this situation since they have decided and implemented it already. I read the news with anger in my mind and I wondered how I got to in a country that discourages innovations.

 

[Josephjossy]

This is a very bad news but u believe that there is a way out of it. The government have to rethink about this . Crypto trading have provided more job opportunities for the masses. Lots of youths now engage in crypto trading and they make lots of money from it

 

[Briangsam]

This is a very wrong decision in every shades of wrong. It is a bad development. You can't make such decision and not expect the naira to go lower than the snake belly. The Federal Government wants to keep controlling the masses. Obsession is the only reason for doing this.