Nigerians on social media have strongly condemned the ban issued to Financial institutions against having any crypto or facilitating payments for crypto exchanges.
The Central Bank of Nigeria,
CBN, on Friday instructed Deposit Money Banks (DMBs), other Financial Institutions
(OFIs) and Non-Bank Financial Institutions (NBFIs) as well as local financial
institutions against having any transactions in crypto or facilitating payments
for crypto exchanges.
The apex bank gave the directive in a letter to all DMBs,
OFIs and NBFIs dated February 5th.
Reacting, some Nigerians accused the Buhari led administration of issuing directives aimed at killing the country’s economy.
Here are some comments gathered on Twitter;
@Lucasscot_101, “Buhari rate farming over crypto. He wants
all of us to go back to subsistence farming or animal husbandry.”
@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.”
@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.”
@Omojuwa, “The biggest opportunity by far, for wealth
creation for Nigeria and especially its young population, is embedded in the
thinking, technology and innovation behind cryptocurrencies and its
appurtenances. Someone is desperate to ensure this poverty lasts through this
century.”
@Mrodanz, “Buhari loves cattle currency, not crypto
currency.”
@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.”
@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.”
@Toberry15, “Nigeria is currently running at a public debt
of over 31 trillion naira, but crypto banning is top tier in the government
scale of preference, what a country.”
@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.”
@daddynomso, “Nigeria’s Dream is to Kill the Youths,
Frustrate their dreams to be successful. Every year there is a new Policy to
destroy the Youths, Several companies run on Crypto will be destroyed, online
transactions will be ruined & this gives Orgasm to CBN & Emefiele.
Agents of Pain.”
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