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[Mahmoud2019]

The central bank of Nigeria (CBN) has clarified a statement it issued last month that seemed to order financial institutions to shut down all accounts associated with cryptocurrency trading.
According to a report on Sunday, bank officials have said the directive is not to be mistaken for an outright ban. Instead, the bank said it has reiterated an already imposed 2017 ban on institutions facilitating cryptocurrency transactions.
Speaking on behalf of the bank's chief, Godwin Emefiele, deputy governor Adamu Lamtek said the bank had never banned cryptocurrency activity in the country.

 

[Wisdom01]

I dont really understand them , i think their action is similar to a ban because how can you actually trade crypto currency , without depositing and withdrawing

 

[Kunkun]

I dont really understand them , i think their action is similar to a ban because how can you actually trade crypto currency , without depositing and withdrawing

Yeah I don't seem to understand them too, whats the point if one can't withdraw and deposit at ease, I think they should review the ban or whatever it is

 

[GoldenLady]

It's clear that they don't want to legitimise it outrightly, but they know it will be impossible to stop people from using it.
I think their next step will be to seek to regulate it.

 

[Wisdom01]

They want to trick us, they can never. Restricting people from using the country's fiat currency, is tantamount to ban. That's point of correction for CBN representatives. How do they want us to trade, buy, and sell Cryptocurrency? Since they restricted us from using naira.

Don't mind them how do they even expect us to trade , they are just using that world to cover up , so the government wont think they have banned , and even banning may make the struggling economy suffer more

 

[Kurtauli]

I think this is speculation that helps cryptocurrency increase in price. The price of cryptocurrency will rise and a new reason will appear for blocking cryptocurrency. Reduce the price then start accepting cryptocurrency. I think this is all a game. Is there anyone here who does not want to become rich with the help of cryptocurrency? of course no. We have the example of Elon Musk how much profit he made by raising the price of Doge Coin

 

[achawaskey]

Whether you did not ban the activity of crypto the fact still remain that they did not support the transactions. How can you carry out cryptos business without withdrawing and depositing, is like giving something with right hand and uses lift hand to collect it back.

 

[Wisdom01]

Already the economy is suffering bad. I wonder where they'll be making their money which they eat alone when Elon musk finish developing electric cars? Because it will reduced the price of petrol, and other crude. And crude oil is the only means of income generating means in our country.

Instead of planning for the future crypto currency is their problem, the world is evolving and a time would come when a lot of people would make use of electric cars , but instead of banning crypto they should rethink , because crypto adds to the country foreign inflow

 

[GoldenLady]

Whether you did not ban the activity of crypto the fact still remain that they did not support the transactions. How can you carry out cryptos business without withdrawing and depositing, is like giving something with right hand and uses lift hand to collect it back.

This is a collective decision by the heads of the CBN. I don't believe the secondary banks really support it, since it brings a lot of bus to them.

 

[Wisdom01]

They don't even know what is best or look up to the future. All they know, is go to central territory to share the money they made through crude oil selling. Instead of using it for infrastructure, they are using it to fill their leaking pocket. Forgetting that, their is life in the future. Nigerians trade Cryptos a lot, if they rethink about their lackluster decision making, they'll see the future might be better with Cryptocurrency. The economic impact will benefit them, through many ways of investment around Cryptocurrency.

Yeah there are a lot of crypto traders in Nigeria and you are right they should even capitalise on the opportunity , crypto is offering it would help them a lot

 

[Wisdom01]

Yeah, Cryptocurrency will help the economy in other way round, if they allowed it be. At least, it has served as means of livelihood to the hard working youths.

Yeah crypto currency is already influencing the youth lives s , a lot have to find another means to earn money online legitimately and crypto is the best

 

[Niftyicon]

I would think that such statements are for the consumption of the international community because no crypto using Nigerian would see reason in such statements.

 

[Wisdom01]

Yjeirbare other legitimate ways to make money online other than Cryptocurrency. We have dropshipping business, affiliate marketing, casino gambling, forex trading etc.

Yeah there are so many of them but when we look at it critically. Crypto actually seems to be the best way for me when it comes to money making

 

[Wisdom01]

You're correct, i consider Cryptocurrency investment as the best option for me too. That's the one i have experience for. As for affilate marketing, gambling, and forex trading etc, i don't have big passion for them.

Even gambling shouldn't be added to it because its a pure risk i don't normally involve myself in it , since its the house that wins no matter what

 

[Wisdom01]

Lol, gambling is legit in some platforms online, that's why i added it. I know it is risky enough, but their are others who gain from it as well.

The Loss is always more than the gaib because the system is always been manipulated , and to make money is really a hard thing i think.

 

[crypworld]

That's funny! ??? If you can't do any transactions, trade, deposit or withdraw, then what do they mean cryptocurrency is not banned?