The apex bank of Nigeria, Central Bank on February 5, 2021. Release a statement signed by the Director of Banking Supervision Mr. Bello Hassan and the Director of Payment System Management Department Musa I. Jimoh, prohibiting financial institutions in Nigeria from dealing in crypto currency or facilitating payment in crypto currency.
Meaning any trading of crypto currencies of any king 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 reason for this ban is unknown though, Nigerians have taken to social media to express their displeasure with the #WeWantOurCryptoBack as trading of cryptocurrency is a means of livelihood for many young people.
Meanwhile, a Nigerian lawmaker Senator Shehu Sani has taken to his twitter handle to condemn the Central Bank ban on the cryptocurrency. “Why the ban on Cryptocurrency? Why are we running backwards?”