Nigerians react to CBN’s Cryptocurrency ban
The Nigerian crypto community recently received a shocker when CBN released a circular warning financial institutions to desist from dealing or facilitating payments for cryptocurrency.
Many young Nigerians who engage in crypto showed great displeasure with the directive as the influence the apex bank has on Africa’s fast-growing financial ecosystem could have an adverse effect on the response globally.
The circular released to the public brought about fury and concern from the Fintech industry and political leaders as Bitcoin and CBN were among the top trends on social media upon the release of the circular.
Benedict Murray-Bruce, a Nigerian business magnate and a former senator wrote via his Twitter handle, questioning why such a decision was made so hurriedly.
I thought it’s universal knowledge that decisions or policy regarding finance or economy should never be hasty? #crypto
— Ben Murray-Bruce (@benmurraybruce) February 5, 2021
In light of the former senator’s response, there are Nigerians who reacted differently to his mention of CBN drastic action as hasty via Twitter;
Its actually shameful that a former Senator of Nigeria could call CBN call hasty. Bitcoin didn’t just get popular,CBN issued same directive 3-4years ago during MMM.When there was price correction then,a lot of people lost thier money,the market just recovered.Let CBN do thier job
— Mǐcђα̲̅εℓ (@mykvision) February 5, 2021
The truth is Banks are loosing liquidity cos everyone is turning crypto wallet to their bank and can trade crypto also.
Banks are scared AF and are using their powers to influence the CBN to eliminate the threat of crypto adoption on their business. Nigerians are now $ smart.
—
