The Central Bank of Nigerians has issued a warning to Nigerians to desist from trading in crypto currency. In a letter issued to financial institutions and the general public, the CBN reiterated to non-bank financial institutions,(NBFIs) other financial institutions and members of the general public on the risk involved in trading in crypto currency.
As result, the CBN has given a directive reminding all regulated institutions that dealing with crypto currency is “hereby prohibited”
According to the directive by CBN all DNBs, NBFIs, OFIs, are to identify persons or entities transacting or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
The CBN warns that any defaulter will attract severe regulatory sanctions. This decision by CBN, banning all forms of exchanges in cryptocurrency has attracted a massive reactions from Nigerians. Most of these reactions stormed various social media platforms.
While some are in support of the ban, some have viewed it as innimical to the means of livelihood of most Nigerians.
A tweet, while in support of the ban stated that crypto currency is one reliable way yahoo boys carry out their activities. This is due to the fact that such transportations possess hurdles in the process of investigation.
Another tweet lamenting, said that the ban on crypto currency is untimely due to the fact that most Nigerian youths are unemployed and as such have taken to trading in crypto currency as their means of survival.
With the current directive, Nigerians have been advised to transfer any money in their crypto accounts to their Nigerian accounts to be on the safe side. What is your take on the ban on trading in crypto currency?
