Reason CBN banned transactions in cryptocurrencies REVEALED KossyDerrickBlog KossyDerrickEnt


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Friday, February 5, 2021

Reason CBN banned transactions in cryptocurrencies REVEALED

Central Bank of Nigeria has shattered the hearts of many Nigerian youths with it's new order. According to an open statement by CBN, accounts of people transacting in crypto currencies (bitcoins and all) are hereby prohibited. 


"The Central Bank of Nigeria's (CBN) circular of January 12, 2017 ref FPR/GEN/CIR/06/010 which cautioned deposit money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in crypto currency refers. 

Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited. 

Accordingly, all DMBs, NBIFs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately. 

Please note that breaches of this directive will attract severe regulatory sanctions. 
This letter is with immediate effect. 
Yours faithfully, 
Bello Hassan
Director of Banking Supervision 

Musa Jimoh 
Director Payments System Management Department."

The main reason The CBN banned transactions of cryptocurrencies in Nigeria is because of the huge donations received via bitcoin during the End SARS. Nigerian Government is looking for all means to ban everything that helped the End SARS in October 2020.

Recall that the CEO of Twitter donated during the End SARS through bitcoin. Nigerian Government has banned cryptocurrencies, blocked bank accounts of End SARS protesters and now, forcing Nigerians to link their NIN to the SIM cards. All these are attempts to monitor Nigerians next move. 

After the news of the cryptocurrency ban was announced, End SARS began to trend. Nigerians immediately knew that the End SARS was the main reason for the ban of cryptocurrency in Nigeria. 

Reactions from Nigerians below:

Four-eyed Edo Boy tweeted:
The #EndSARS
 BTC donations really pain these people sha. E pain them reach bone."

Mark Amaza
@amasonic tweeted:
"It just occurred to me that there might be a connection between the new CBN policy on crypto and the #EndSARS

Other reactions:

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