News of the Central Bank of Nigeria’s ban on crypto currency trades have been met with mixed reactions on social media with many faulting the move.
Chief among the naysayers are popular supporters of the #EndSARS protests, Segun Awosanya, popularly known as Segalink; and DJ Switch, who famously filmed the now popular shooting at Lekki Tollgate on Tuesday, October 20th, 2020.
According to Segalink, “This is yet another developing horror story in our dying society. The govt via @cenbank is now shutting down crypto currency in a desperate move to block any ray of hope for the huge youth demographic they have largely failed. This won’t end well. This is ill-advised.”
In a tweet, DJ Swicth also said, “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!”
IBrandTV had earlier reported that CBN, on Friday, ordered Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
The circular signed by Director of Banking Supervision, Bello Hassan stated: ”The CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in crypto currency refers.
“Further to other regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from crypto currency exchanges is prohibited.
“Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.”
