TheCable

Reactions have continued to trail the Central Bank of Nigeria’s (CBN) order directing banks and other financial institutions, to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

On Friday, the apex bank released a circular to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The directive has however not gone down well with Nigerians on social media platforms especially Twitter as they have expressed their annoyance.

DJ Switch, Nigerian disc jockey-turned-activist, has condemned the ban and accused the federal government of promoting poverty.

“How can you ban crypto transactions in 2021! A currency that’s growing our economy little by little. People are making money legitimately. Doubling their money and taking care of their families with it! They just want us to suffer! Our government hates progress!! It’s saddening,” a Twitter user wrote.

” Welcome to a country where our government Bans crypto and pardon terrorists,” another user said.

Here is what some Nigerians had to say:

'Omo x 10000! So the CBN essentially banned Crypto trading without saying they've banned it ! This is definitely not progressive thinkinG

— REAL MAN 🎵 (@koredebello) February 5, 2021

The CBN of Nigeria deleted all the wealth of an entire people and tribe in 1970.

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Don't let them delete your wealth in 2021.

Embrace crypto even harder.

They will give up.

— Ikenna Ronald Nzimora (@ronaldnzimora) February 5, 2021

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If the ban on crypto by CBN is true ehn, it points yet again to the ill informed, backward, poverty promoting dinosaurs 🦖 leading us. Use your time ⌚ to investigate and close accounts sponsoring terrorists in the country if you don't know what to do!!! GAWD 🤦🏾‍♂️#endsars 🚶🏾‍♂️

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— Dj Switch (@dj_switchaholic) February 5, 2021

In Nigeria🇳🇬…
Using washing machine Is called laziness
Using crypto is called fraud
Using Social media is a sin
Demanding for good governance is a crime
Being Young and successful is a crime

How can a country be so comfortable with hardship and stress??????

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— BIG DADDY (@bigdaddyvinz) February 5, 2021

Omoh, 2 years now Crypto have been everything, paid my final year school fees, paid my rent, did my school project, got a good Android phone, all because of trading cryptocurrencies. Nigeria don't like anything giving us hope to keep living. #WeWantOurCryptoBack

— I AM CODED ♥️ + 💡 (@CodedUpdate) February 5, 2021

Welcome to a country where our government Bans Crypto and Pardon Terrorists

— Roviel 😏 (@ObongRoviel) February 5, 2021

Buhari loves cattle currency, not crypto currency.

— Kelvin Odense (Not Odanz) (@MrOdanz) February 5, 2021

How can you ban crypto transactions in 2021 !! A currency that’s growing our economy little by little.People are making money legitimately.Doubling their money and taking care of their families with it!They just want us to suffer! Our government hates progress!! It’s saddening💔

— Oyindamola🙄 (@dammiedammie35) February 5, 2021

On this crypto ban matter, avoid pointless arguments with those who insist on being blind whether by politics or just sheer ignorance. Conversations should focus on those with the power to make change happen. Even those, it should focus on the sensible ones in their midst.

— JJ. Omojuwa (@Omojuwa) February 5, 2021

The Nigerian government has just legitimized a reason for security forces harassment/profiling.

• Finding any Crypto app or trading app on your phone.#EndSARS

— Rinu #EndSARS🔥🔫 (@SavvyRinu) February 5, 2021

If you look at the insane wickedness of the nigerian govt towards young people in the last 5years, it’s not hard to understand why they banned crypto and bitcoins.

Crypto and bitcoins is one way for people to escape wealth. But this is a govt committed to keep young people poor.

— #OurFavOnlineDoc 🩺🇳🇬🇬🇧💎 (@DrOlufunmilayo) February 5, 2021

Other countries are embracing crypto but our government seems to think tradermoni is the future instead, This administration won't be the end of us.

— Bobby (@signor_bobby) February 5, 2021