Nigerians React To Bitcoin And Other Crypto currency Ban – See Comment


Nigerians reacted on social media as they condemned the ban issued to Financial institutions against having any crypto or facilitating payments for crypto exchanges.

GISTHUBCITY had reported that the Central Bank of Nigeria, CBN, on Friday, warned and instructed Deposit Money Banks (DMBs), other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) as well as local financial institutions over dealing with any transactions in crypto exchanges.

This was issued by Apex bank as they gave directive in a letter to all DMBs, OFIs and NBFIs dated February 5th.

Some Nigerians while reacting to the banning of the crypto hereby accused the Buhari administration of issuing directives aimed at killing the country’s economy.
Kindly see some comments GISTHUBCITY gathered on Twitter:

@adetolav, “Protests – Ban, Import restricted items – Ban, Social media – try to ban
Crypto – Bans can’t be the only tool that a government or regulator knows how to use. Especially not in a interconnected global economy.”

“How can a govt enjoy frustrating his own people, simply cos his fulani roaming herdsmen don’t understand how Crypto works? I just can’t explain how I’m feeling right now.”

@Lucasscot_101, “Buhari rate farming over crypto. He wants all of us to go back to subsistence farming or animal husbandry.”

@Dj_switchaholic, “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.”

@Realolaudah, “Crypto currencies that the whole world is tending to? That billionaires like Elon Musk & Jack Dorsey are speculating on? Some dinosaur in @cenbank will come & give a blanket ban, because he simply doesn’t understand why ownership of a virtual currency should constitute wealth.”

@dammiedammie35, “How can you ban crypto transactions in 2021 !! A currency that’s growing our economy little by little.People are making money legitimately.Doubling their money and taking care of their families with it!They just want us to suffer! Our government hates progress!! It’s saddening.”

@Toluolugbenga, “Dear CBN,You can stop platforms from using the banking system for crypto transactions. But do you know what’s called Peer to Peer?Do you know what’s called DeFi, decentralized finance.You can remain backward but you would not drag us back.”

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