Central Bank of Nigeria has shattered the hearts of many Nigerian youths with it’s new order. According to an open statement by CBN, accounts of people transacting in crypto currencies (bitcoins and all) are hereby prohibited.
LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS:
“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/GEN/CIR/06/010 which cautioned deposit money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in crypto currency refers.
Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited.
Accordingly, all DMBs, NBIFs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.
Please note that breaches of this directive will attract severe regulatory sanctions.
This letter is with immediate effect.
Yours faithfully,
Bello Hassan
Director of Banking Supervision
Musa Jimoh
Director Payments System Management Department.”
Taking to his Twitter page, Adamu Garba II, advised Nigerian youths to invest in real assets, such as: cows. According to him, he says assets such as cows, assure huge returns on investments.
He wrote:
“Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment.
Cow Ranching business is more lucrative than all cryptocurrencies combined.
Lol.
Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment.
Cow Ranching business is more lucrative than all cryptocurrencies combined.
Lol.
— Adamu Garba II (@adamugarba) February 5, 2021
“Calm down Nigerians, not every Govt policy is bad.
No one can be able to regulate any solution running on Blockchain technology, not crypto.
The only issue is unregulated behavior of the middlemen acting as brokers capable of defrauding unsuspecting citizens.
Calm down!!
“I was thinking it was only in a beer parlor that everything can be discussed, but some Twitter goons argue much worst.
CBN doesn’t ban you from trading in Crypto but they banned Financial Institutions from participating in the trade.
How is that difficult? Go to Ghana & do it.”
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