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❕NEWS Nigerian Central Bank Banned Bitcoin (BTC) and Other Cryptocurrencies

aryan4

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The Central Bank of Nigeria (CBN) has banned Bitcoin (BTC) and other digital currencies, according to a report published by local news publication Peoples Gazette on February 5th. There are statements that Nigerian banks have been instructed to "immediately" close accounts of customers affiliated with cryptocurrency exchanges.
What do you think about this development?
 
That's new to me, and I'm in Nigeria. Even if it's true, whatever reason made them do that will eventually come out.

But it's weird and worrisome too.
 
That's new to me, and I'm in Nigeria. Even if it's true, whatever reason made them do that will eventually come out.

But it's weird and worrisome too.
I have been looking for information about it and the news that I read does not give the reasons why the Nigerian government adopted this measure of closing the accounts with cryptocurrencies.
 
I think even if they decide to ban crypto currency withdrawal and deposit in the country , people would still find an alternative to start making use of p2p trading i think
 
That's new to me, and I'm in Nigeria. Even if it's true, whatever reason made them do that will eventually come out.

But it's weird and worrisome too.
I think even if they decide to ban crypto currency withdrawal and deposit in the country , people would still find an alternative to start making use of p2p trading i think
Nigerians are too heavily involved in cryptocurrency to let it go just like that. They would most likely find alternative ways to carry out their transaction.
 
I think even if they decide to ban crypto currency withdrawal and deposit in the country , people would still find an alternative to start making use of p2p trading i think
I think even if they decide to ban the withdrawal and deposit of cryptocurrencies in the country, people would still find an alternative to start making use of p2p trading I think.
Very good observation, people are very clever and to recover their assets I would look for other options to recover their money.
 
Economically wise, Nigeria is backward. That is why they will keep borrowing money up and down.
As an Apex bank, releasing a press statement ordering financial institute without reasons against crypto. This is another stupid move.
 
I have been looking for information about it and the news that I read does not give the reasons why the Nigerian government adopted this measure of closing the accounts with cryptocurrencies.
In this development, how did it affect the common man doing his thing?. I am not in any way linked with the bank with regards to cryptocurrency.

Other countries of the World are making name for their self, Nigeria will always be stupid.
 
That's new to me, and I'm in Nigeria. Even if it's true, whatever reason made them do that will eventually come out.

But it's weird and worrisome too.

Nigerians are too heavily involved in cryptocurrency to let it go just like that. They would most likely find alternative ways to carry out their transaction.
True Nigeria would surely find a means because many of my friends are already thinking of using binance p2p exchange site for trading , in case such thing happens , but despite the unemployment rate they still ban it
 
Economically wise, Nigeria is backward. That is why they will keep borrowing money up and down.
As an Apex bank, releasing a press statement ordering financial institute without reasons against crypto. This is another stupid move.
I dont understand the government ,they actually think crypto is the one devaluing the currency , while they keep borrowing money without doing any project and causing high rate of inflation
 
True Nigeria would surely find a means because many of my friends are already thinking of using binance p2p exchange site for trading , in case such thing happens , but despite the unemployment rate they still ban it
How does the p2p exchange work, it's the first time I'm hearing of it.

How will someone convert the cryptocurrency to a currency you can actually use in the Nigerian environment?
 
I am not moved by this ban because I know Nigeria government with lackadaisical attitude when it comes to compliance, this directive may have effect for few days but I am More convinced it is just a paper directive
 
That's new to me, and I'm in Nigeria. Even if it's true, whatever reason made them do that will eventually come out.

But it's weird and worrisome too.

Nigerians are too heavily involved in cryptocurrency to let it go just like that. They would most likely find alternative ways to carry out their transaction.
Investors will likely find a way. But I think that the administrators should at least make a clear statement about this practice. While it is a bad development for coin investors in the country, maybe changes may occur.
 
They don't have any justification for their actions other reducing the rate of investment in the Crypto currency so that citizens can deposit more money in the bank
 
They don't have any justification for their actions other reducing the rate of investment in the Crypto currency so that citizens can deposit more money in the bank
I think its basically for their selfish interest so they could be generating more tax from the people through banks ,without adding and investing in the citizens lives
 
This is really bad news for those cryptocurrency owners, I wonder what they would do, I trust Nigerians they must surly fine another means of getting their money back.
 
Nigerian crypto setups have to challange the ban in Nigerian Supreme court. In 2018 RBI too banned crypto in India, but Supreme court in 2020 lifted the ban. If Nigerian Central Bank have no valid reason to ban it, then court will surely unban crypto.
 
The Central Bank of Nigeria (CBN) has banned Bitcoin (BTC) and other digital currencies, according to a report published by local news publication Peoples Gazette on February 5th. There are statements that Nigerian banks have been instructed to "immediately" close accounts of customers affiliated with cryptocurrency exchanges.
What do you think about this development?
The news is spreading across several platforms of which we can't fully understand why such thing is happening now that the citizens have endeavoured to help themselves through cryptocurrency .
 
They don't have any justification for their actions other reducing the rate of investment in the Crypto currency so that citizens can deposit more money in the bank
While making such decisions, I wonder how long they examine and what action they take. There are countries that have made similar decisions before and then withdrew them without implementing them. Maybe a new regulation will come to the fore.
 

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