Nigerians have taken to the streets of Social media to protest the ban on buying and selling of bitcoin and cryptocurrency in the country announced by the Central Bank of Nigeria (CBN) on Friday.
These social media protesters slammed the federal government for what they considered to be a backward action.
According to the letter, signed by Bello Hassan, director of banking supervision, and Musa Jimoh, director, payments system of management department, CBN had directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFls) to close the accounts used for cryptocurrency operations.
Any financial institution that breaches this directive, the CBN warned, “will attract severe regulatory sanctions.”
According to the CBN, “dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited”.
Many Nigerians are unhappy with this development, many social media influencers are using their platforms to voice their anger.
On Twitter JJ Omojuwa tweeted:
Cherry picking and confirmation bias everywhere. Not an ounce of respect for the intended audience. Like people are expected to read and believe that cryptocurrencies are the worst thing since the devil was chased down below! pic.twitter.com/Fzb6DZRiOk
— JJ. Omojuwa (@Omojuwa) February 7, 2021
While on Instagram Mr. Jollof posted a video asking for the removal of the CBN governor
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