CBN Bans Bitcoin In Nigeria: Nigerians reacts over CBN decision ban on BTC and other cryptocurrencies in the country

CBN Bans Bitcoin In Nigeria: Nigerians reacts over CBN decision ban on BTC and other cryptocurrencies in the country

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The sudden ban decision by the Central Bank of Nigeria on BTC and other cryptocurrencies in the country has shocked not just its citizens but the whole world, as Nigeria becomes the first Country to place a ban on Bitcoin and other cryptocurrencies trading.
Cbn bans cryptocurrencies Nigeria
Cbn bans cryptocurrencies in Nigeria
The Central Bank of Nigeria has ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions. 

In 2020, Nigeria was reported to have the world’s second largest trading volume of Bitcoin.
The CBN has finally taken a hard-line position against crypto currencies which in recent years has become a major unit of commerce across the Globe.
So for this, CBN ordered banks and other financial institutions to identify persons transacting or operating with crypto currency and close such accounts with immediate effect.
In October last year 2020, the bank restricted some financial institutions from receiving or making online crypto payments.

During the #EndSARS protest last year, the CBN was helpless at blocking the inflow of funds support due to cryptocurrencies being run on decentralised monetary systems that no conventional regulator can restrain. 
Trading in Bitcoin and other cryptocurrencies has skyrocketed as the global economy becomes increasingly volatile in the past few weeks. 
Nigerians saw the need to utilize crypto transactions to avoid the numerous challenges faced with local money transfer services.
It was reported that in the last five years,  Nigerians have traded 60,215 Bitcoins, or more than $566 million USD.

As a result, CBN Bans Bitcoin In Nigeria, and Nigerians expresses grievance over CBN decision to ban BTC and other cryptocurrencies in the country.
Here are some reactions of Nigerians expressing grievances on Twitter.



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