Why are we running backwards?: Nigerians kick against CBN's ban on cryptocurrency

Why are we running backwards?: Nigerians kick against CBN's ban on cryptocurrency

The Central Bank of Nigeria (CBN)'s decision to ban the cryptocurrency-related accounts in all financial institutions across the country has been trailed by a whirlpool of reactions as Nigerians on social media continue to question the logic behind the development.

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Recall that in a letter addressed to all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and other institution, the CBN -- which is the apex bank in the county -- banned all transactions on cryptocurrency.

The controversy-courting decision, which caught Nigerians unaware, was announced in a letter on Friday, February 5.

Why are we running backwards?: Nigerians kick over CBN's ban on cryptocurrency
Nigerians on social media are kicking against CBN's ban on cryptocurrency. Credit: Forbes
Source: UGC

Cryptocurrency is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions.

In a reaction, Nigerians described the move as a deliberate attempt to kill innovation and self-employment, and close the gate to the reality of a digitally-evolving world.

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Here are some of the reaction as gathered by Legit.ng.

Popular political analyst and activist, Japhet Omojuwa, wrote:

"They can’t claim crypto traders in Nigeria are faceless. You register with your BVN. You are verified based on KYC principles. This is nothing but a desperate attempt to ensure we are happy with “poverty alleviation” moves. Instead of the wealth innovation brings."

Uloma wrote on Twitter:

"The war against protests, free press, social media, crypto, the unfathomable NIN-SIM linkage order, etc, are all aftermath of #EndSARS For a second, during the protests they had no control over us, now they’re seeking total control of everything and everyone, dead or alive."

Onuchukwu wrote on Twitter too:

"The goal is to drag at least 20 million more Nigerians into multidimensional poverty by 2023. Crypto was starting to make some of you rich."

Former senator Krepresentingaduna Central, Shehu Sani also wrote:

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"Why the ban on Cryptocurrency? Why are we running backwards?"

Editti Effiong wrote:

"These people are committed to destroy Nigeria’s economy. Even if it’s God that tries to intervene, they’ll ban God."

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Meanwhile, Legit.ng reported that CBN said it froze the accounts of the affected ENDSARS protesters because they were "involved in suspected terrorism"

In its ex parte order, the apex bank stressed that it discovered that the funding of the EndSARS movement might have emanated from terrorist activities.

Source: Legit.ng

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Rahaman Abiola (Editor-in-Chief) Rahaman Abiola is an award-winning journalist and Editor-in-Chief with over 8-year experience. He holds a degree in English & Literature from Obafemi Awolowo University, Nigeria (2015). He's a recipient of the Mile Media Award, Kwame Karikari Fellowship. His works have appeared in Punch, The Nation, Tribune, The Cable, Sahara Reporters and others. rahaman.abiola@corp.legit.ng

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