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

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.

Major advantage of Crypto is you cannot stop it. Little research will have told them:
1. Merchants will ask to be paid directly in crypto
2. P2P exchanges will flourish
3. People will move volumes of crypto & #BTC in hard drives & cold chain storage.

You cannot stop the future!

— Tola (@adetolaov) February 5, 2021

Can't buy crypto with Bank deposits
Can't buy Crypto with Visa and Mastercard
Can't withdraw Crypto to Banks
Nigeria government enough is enough #WeWantOurCryptoBack

— IBOM PLAZA ❤️?? (@ItsGreatman) February 5, 2021

You know the worst part of this, the Police will start arresting people with any of the Crypto trading Apps on their phones. They now have a justification from the CBN. Nigeria is not a normal country.

— Wale Adetona (@iSlimfit) February 5, 2021

They've taken all the joy we have as youths in Nigeria and now they want to take Crypto away from us ,why are you silent ?
#WeWantOurCryptoBack https://t.co/nYalX1ws4P

— Boy From The South (@OMagiq) February 5, 2021

As long as you don’t facilitate your crypto deals via any Nigerian financial institutions, you’re safe.

Nigerian government can’t regulate crypto currencies hence they are telling their banks not to facilitate it

No one can regulate a decentralized system, not even the US govt

— Pastor Clinton? (@Zaddy_Clinton) February 5, 2021

Personally, I feel the way funds were disbursed using crypto and all during the #EndSARS protest must have been a lingering pain for the govt. The move started with banning some payment platforms for freelancers, and now a complete ban on crypto. Such a shame!

— L.A.M.Z (@OlamideTowobola) February 5, 2021

We all know the real reason behind this. Has nothing to do with crypto.

— Olawale Adetula (@thetoolsman) February 5, 2021

Someone should tell the government that if they use Nigeria’s 2021 budget to buy Crypto and keep it for the next 10 months, we’d be debt free by December.

— Fairly used boyfriend ? (@brysonadahcole) February 5, 2021

We are the leaders of tomorrow but they are trying to kill everything that is left in our tomorrow…
The stupid rules about crypto shows how greedy and dumb this country and people ruling it is!!#WeWantOurCryptoBack

— O.N.Y.E.K.A.C.H.I ?? (@NwabuwaV) February 5, 2021

In 2021, CBN under Buhari govt is prohibiting all financial institutions in Nigeria from facilitating or dealing with cryptocurrency payment or exchange.

This same Nigeria is among the first 3 on mobile money market, yet we can't deal with anything crypto.

This is ins*ne.

— Ayemojubar (@ayemojubar) February 5, 2021

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

— Odogwu? (@Daddy_Nomso) February 5, 2021

Buhari wants you to go back to farm or collect 10K tradermoni/N-power alert. That is the only right way of getting rich in this country.

Anyone getting rich through Crypto, Forex, fintech or any modern business innovation is getting rich the wrong way. Buhari is coming for you

— Kelvin Odense (Not Odanz) (@MrOdanz) February 5, 2021

They say crypto is the future but Nigeria don’t want it smh Nigeria don’t have future #WeWantOurCryptoBack

— JEJE ✨ (@Lagospresident) February 5, 2021

The Government decided to ban crypto trading in Nigeria because it saw that its youths were making a living out of it #WeWantOurCryptoBack

— Cactus Jack (@Ukaji11) February 5, 2021

Buhari is a military man. A trained strategist. All he knows is how to make order flow from top to bottom.

Crypto platforms are decentralized, in opposition to Buhari's style.

This ban was only a matter of time.#wewantourcryptoback

— P.article! (@isiomanb) February 5, 2021

Attack on crypto is an attack on youth demographic. They are taking away our source of income again.

— Ayemojubar (@ayemojubar) February 5, 2021

Hello Sir @scottmelker
They just banned us from trading crypto currency!!! Crypto currency is not a crime!! They're trying to control us, please support us to raise our voices against the Nigerian Government!!#WeWantOurCryptoBack

— OBELENTE?? (@funnyobelente1) February 5, 2021

Buhari's Government blocked the account of EndSARS protesters in a bid to frustrate donations that sustained the protests.

Young Nigerians resorted to crypto. The Government had no answer to it. Decentralization.

Buhari does not want a repeat of that.#wewantourcryptoback

— P.article! (@isiomanb) February 5, 2021

Create jobs? No.

Open Southern borders? No.

Lift the ban on rice? No.

Restructure Nigeria? No.

Sign PIB? No.

Electoral reform law nko? No.

Ban Crypto? Mhmmmm, now you're talking.

Olodo Government.#WeWantOurCryptoBack #cryptocurrency #crypto

— Josh Foster (@joshfooster) February 5, 2021

ANOTHER PROTEST LOOMING ON CRYPTO CURRENCY
What exactly do want from us? What do you gain seeing the Nigerian youth in pains???#wewantourcryptoback@cenbank @MBuhari @nassnigeria @ProfOsinbajo

— King Leo Shorlex™? (@awoniyishola) February 5, 2021

The CBN directive to ban Crypto transactions is outrageous. There are so many young people innovating, creating so much despite the hostility of the Nigerian government. This is an assault on all those staking so much in investing themselves in Nigeria.

— Fakhrriyyah (@FakhuusHashim) February 5, 2021