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CBN Bans Cryptocurrency Exchange in Nigeria | See How Everyone is Reacting to the News

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The Central Bank of Nigeria on February 5, 2021, released a statement signed by the Director of Banking Supervision Bello Hassan and the Director of Payments System Management Department Musa I. Jomoh, prohibiting financial institutions in Nigeria from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchange.

Meaning all trading of cryptocurrency in Nigeria has been banned, as all Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions have been directed to identify persons and/or entities transacting in or operating cryptocurrency exchange within their systems and ensure that such accounts are closed immediately. The statement added that “breaches of this directive will attract severe regulatory sanctions.”

The use of bitcoins and cryptocurrencies in Nigeria skyrocketed in 2020, especially during the #EndSARS protests when bank accounts of activists like the Feminist Coalition were blocked and other payment platforms for freelancers were banned. This made the disbursement of funds difficult, therefore leading many youths to rely on the use of bitcoins and cryptocurrencies.

Although the reason for this ban is still unknown, Nigerians have taken to social media to express their disapproval with the #WeWantOurCryptoBack as trading of cryptocurrency is a means of livelihood for many young people.

32 Comments

  1. Prince Okoh

    February 5, 2021 at 5:39 pm

    CBN Governor have succeeded in frustrating MBA because of his Zenith Bank without thinking about the millions of our youths that borrowed to invest in MBA now he is after cryto. You will not succeed

    3
  2. Joseph

    February 5, 2021 at 6:54 pm

    Please don’t ban crypto we are earning our livelihood from these no job nothing nothing infact what do you expect us to do. besides its our money not government money…..

    2
  3. Notime

    February 5, 2021 at 7:01 pm

    You’re doing well 👍
    Weldon but let me say this, there’s no sense at all in banning cryptocurrency in Nigeria because all the affliction you may put on the youth will definitely bounce on your children and family it just a fact.
    #wewantourcryptoback

    1
  4. H. Tee

    February 5, 2021 at 7:17 pm

    The whole world is moving forward, Nigeria is moving backward. Such a clueless government. They just type anything they feel like, pass it and happy with themselves. It doesn’t bother me and I am not surprised one bit. All I know is that, it is their loss. What a jungle we live in. I am done with this shit hole. Inflation is increasing by the day, herdsmen are killing and kidnapping, we can’t even live in peace and yet, government keeps deaf ears to our cry, and they just do what they know how to do best, which is to try to make life harder. God is seeing them! No wahala!!

    2
  5. OLA•D•βOSS

    February 5, 2021 at 7:37 pm

    Guys Chill out, these is a scanned document.. If u do scan document well, u will notice… These is a lie. Our government doesn’t have order on CryptoCurrency..U know how much exchangers and banks are making on every transaction… Even when the State secretary Cause the pump down of Bitcoin last month… When she saw how their economy went down. She has to approve

    1
  6. Anonymous

    February 5, 2021 at 7:38 pm

    Naija na foolish country

  7. Melodymiles

    February 5, 2021 at 7:46 pm

    This is tyranny,how can somepersons hate success?in this 21st century a country is banning crypto currency trading? sometimes I regret being a Nigerian.

    1
  8. Segun

    February 5, 2021 at 8:07 pm

    Nigeria will never stop bloodshed, the souls that died during endsars protest is not enough, they need more blood to soak. God will never give the government peace if they continue putting the youth of Nigeria in pieces. It is in Nigeria I see that a graduate that has used all his money for schooling will finish his education and at the end he end up becoming a road side pure water seller. Nigeria I weep for your future.
    Government enoughhhhhhhh.
    We need our future back
    We need our crypto back.

  9. Shola by name

    February 5, 2021 at 8:32 pm

    This country expecially our leaders are our problem, what they suppose deliberate to isn’t Include, pls what we youth did for this government self because does our leaders self are frauder and they wouldn’t puzzle them, what of elders that give peoples loan and burdi changes, you no mention of that and you’re now puzzle peoples that trading with cryptocurrency, no work no anythings, before you can banded anythings you call government must to find work for youth

    1
  10. Abdurrahman Habibu

    February 5, 2021 at 9:21 pm

    Am so glad

  11. Little boy

    February 5, 2021 at 9:24 pm

    You kill, you get arrested.
    You steal, you get arrested.
    Any slight fraud, efcc at your door.

    Now there’s a means where you don’t have to steal or kill nor fraud anyone, our government wants to take that away again, I wonder what you want us to do then ooo

    Shame on you so call governments .

  12. Stephen

    February 5, 2021 at 9:32 pm

    Do we really have a government? If yes then its a wicked one.
    No job
    No security
    Food scarcity
    Hunger and famine in the country
    No good road
    Everything is zero, our only surviving grace is cypto, now our this so call wicked government is on crypto again.
    God will destroy them
    Pls join #wewantourcrypoback.

    1
  13. CHUDI OKONKWO

    February 5, 2021 at 9:36 pm

    Never seen a country as wicked as this to its citizens. You speak of empowering the youth yet you block every avenue of responsible progress. It is clear, our govt is daft.

    2
  14. Amos BTC

    February 5, 2021 at 9:51 pm

    Enough is enough in this country Nigeria

  15. Umar

    February 5, 2021 at 10:54 pm

    Why this bans please

  16. Harnish

    February 5, 2021 at 11:10 pm

    I don’t even know where to start. This is so disheartening. Will you keep choking us till our last breath? You old fat pigs sit there all day dictating our future to us like some stupid mofos. Ha! Nigeria 🇳🇬!! What have you been turned to? We seek for development yet we are running away from it. Are we to move forward wit silly Npower programs, trader moni abi gbo gbo radarada yen ni? Now just to destroy our future, you turned Norms into crimes and shattered people livelihoods.

    1
  17. Solomon

    February 5, 2021 at 11:30 pm

    This is too bad. I wonder how these people reason. Are they really humans??

  18. Ibrahim Bala

    February 5, 2021 at 11:36 pm

    Hmmm cbn this is the first time I se this action is not working properly I think many youths people is tech this like employees business internet pls ………,

  19. Mudaka

    February 6, 2021 at 12:07 am

    Can this government make it in life you old papa buhari go and die, they’ve noticing that the youth want to make it in life then die and leave us alone, those who ruling Nigeria don’t know what is crypto, you lack of technology in this country , every day budgeting can’t invest in bitcoin fool or you CBN

  20. David

    February 6, 2021 at 12:12 am

    The best let just kill all this old mens for once no time bfor them kill us finish we just need to start planning now ipob for life like us let go we don’t what to be a Nigerian again

    1
  21. Ezonkeme Emizibo

    February 6, 2021 at 12:56 am

    Even the financial institutions thry are instructing to ban cryptocurrency are also trading on cryptocurrency currency.
    Nigeria government so confused.
    Problem no day finish

  22. Imo

    February 6, 2021 at 1:39 am

    For a very long time Nigerians have endured a lot of unacceptable practices. Buhari and his government have been sent to frustrate y’all on all areas till you literally get sick and tired

  23. Adekunle Ezekiel

    February 6, 2021 at 5:23 am

    Nigerian Government definitely can not stand the resultant effect.
    This will be more than endsars protest

  24. Lovy

    February 6, 2021 at 7:38 am

    What a shame!! Buhari allow Nigerian youths to breath in peace. This government is obviously seeking for another protest that will enable them finish up Nigerian youths by shooting us all at a peaceful protest as usual.

    1
  25. J Boy

    February 6, 2021 at 8:55 am

    I think you want us to be a robber now, no problem we will rob

  26. Prince

    February 6, 2021 at 11:03 am

    This is going to be another phase of#ENDSAR. Yes!It no longer a story that that so called Nigeria Government doesn’t have a future. Nigeria is in a Doom, Nigerians are been ruled by bunch of Devil’s 👿😈👿😈👿😈😈 since 1960. Nigerian youths should wake and shine their eyes. It’s time to sorosoke #speakup for your right.

  27. David Victor

    February 6, 2021 at 12:03 pm

    To hell with NG, get this into ur small skull, the youth investment fund u came up with is been collected by u the government, average can access it bcus of the high corruption.. What we do to help ourselves u want to stop? So ur children can take over us and leave us behind? Stop it n see more high rate in crime… Fuck u all at cbn

  28. Barnabas

    February 6, 2021 at 1:47 pm

    It’s just shocking the so government concern themselves with crypto when there are other things to be concerned about.

    Another Shocking news is that most of them also have crypto accounts ooo, but since they’re in power, who will question or audit them?

    They’re always amazed at how young people of our generation make it without much stress unlike their own generation. It seems as a threat to them so what do you expect? They always want to be in control.

    But I say as a voice of our generation, all their plans would be futile…

    1
  29. charles

    February 6, 2021 at 3:03 pm

    TBH this isnt fair at all. shame on them

  30. Joel

    February 6, 2021 at 6:00 pm

    Nigeria government just like backwardness may God have mercy on us

  31. paul

    February 6, 2021 at 11:02 pm

    what ever they want.they should do but they cannot stop us wicked government

  32. Collins

    February 8, 2021 at 8:43 pm

    Please can someone tell me were I can buy cattle low and sell at a high price. Because as I day like this, I don’t even know what to do next. It’s just back to joblessness.

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