TechBookyBusiness
No Result
View All Result
Tuesday, July 5, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Economy

The Central Bank Of Nigeria Bans Cryptocurrency, Asks Banks To Shut Down Accounts

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
February 6, 2021
in Economy, Government, Money
Share on FacebookShare on Twitter

Since cryptocurrency found its way into Nigeria, it thrived and gradually took over some functions of regular money but it seems the Central Bank has never liked cryptocurrencies because in 2018, a circular was issued saying cryptocurrencies are not legal tenders in Nigeria. Specifically the circular said, ‘For the avoidance of doubt, dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law. Virtual currencies are traded in exchange platforms that are unregulated, all over the world’.

The use of cryptocurrency in Nigeria grew astronomically in 2020 during the #EndSars protests after bank accounts of supporters were frozen. The use of Bitcoin (and other coins) which is by far the most popular of them all continued to increase after the #EndSars protests came to an end and Nigeria still remains at the top in terms of search interest for Bitcoin, according to Google trends.

On Friday, February 5th 2020, the Central Bank of Nigeria in a circular placed a ban on financial institutions that regulate cryptocurrency. They are to stop rendering services to crypto exchanges in the country. The Central Bank ruled this as an extension of its previous warning to banks concerning the risk associated with cryptocurrencies.

The Central Bank of Nigeria has asked all commercial banks to close all accounts belonging to businesses transacting in cryptocurrencies and crypto exchangers. The CBN also promised dire penalties to financial institutions that refuse to comply with the directive.

In September 2020, the Nigerian Securities and Exchange Commission recognized cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc., as securities. They also has plans to establish cryptocurrencies with a legal framework and this leaves many people wondering why a sudden ban without enough or any visible warning.

Cryptocurrencies was one of the best ways to invest and make money in a country such as Nigeria and with this ban, many (especially the youths) feel like food have been taken out of their mouth. The statement issuing the ban on cryptocurrencoes was signed by the Director of Banking Supervision; Bello Hassan and the Director of Payments Systems Management Department; Musa I. Jomoh. The reason for the ban was not said but social media is raving with the displeasure felt by Nigerians over the ban. The hashtag #WeWantOurCryptoBack has started to trend after the ban was issued yesterday.

Total
1
Shares
Share 1
Tweet 0
Pin it 0
Share 0

Related Posts:

  • The CBN Is Further Clarifying The Circular It Issued Banning Cryptocurrency In Nigeria
    The CBN Is Further Clarifying The Circular It Issued Banning…
  • The CBN Reiterates Its Stance On Cryptocurrency As it Sets To Launch Its Digital Currency In October
    The CBN Reiterates Its Stance On Cryptocurrency As it Sets…
  • Nigeria's SEC Puts Plans To Regulate Cryptocurrency On Hold After CBN Ban
    Nigeria's SEC Puts Plans To Regulate Cryptocurrency On Hold…
  • Breaking: The Nigerian Government Has Put Its Cryptocurrency Ban On Hold
    Breaking: The Nigerian Government Has Put Its Cryptocurrency…
  • In A Major Twist, Senate Summons CBN Governor Over Ban On Cryptocurrency
    In A Major Twist, Senate Summons CBN Governor Over Ban On…
  • Former Presidential aspirant, Moghalu Says over $500m Worth Of Bitcoin In Nigeria In The Past 5 Years
    Former Presidential aspirant, Moghalu Says over $500m Worth…
  • Nigerians Had Traded Over $500m In Cryptocurrency Before The CBN Ban
    Nigerians Had Traded Over $500m In Cryptocurrency Before The…
  • Cryptocurrency Continues To Thrive With Peer-to-Peer Transactions In Nigeria Amid Ban
    Cryptocurrency Continues To Thrive With Peer-to-Peer…
Tags: cbncentral bank of nigeriacryptocurrencyeconomygovernmentmoneyregulatory
Previous Post

The Future Of Augmented Reality (AR) In Smartphones

Next Post

Nigerians Had Traded Over $500m In Cryptocurrency Before The CBN Ban

Next Post
Nigerians Had Traded Over $500m In Cryptocurrency Before The CBN Ban

Nigerians Had Traded Over $500m In Cryptocurrency Before The CBN Ban

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year
  • June Was Bitcoin’s Worst Month On Record After The Flagship Crypto Lost 40 Percent Of Its Value

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year
  • June Was Bitcoin’s Worst Month On Record After The Flagship Crypto Lost 40 Percent Of Its Value
  • Nigerian Mobility Startup Moove Gets $20 Million From The UK Government’s Development Finance Institution – British International Investment (BII)

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$20,227.005.39%
  • ethereumEthereum(ETH)$1,146.367.12%
  • tetherTether(USDT)$1.000.03%
  • usd-coinUSD Coin(USDC)$1.000.00%
  • binancecoinBNB(BNB)$231.316.13%
  • Binance USDBinance USD(BUSD)$1.00-0.04%
  • rippleXRP(XRP)$0.3266441.37%
  • cardanoCardano(ADA)$0.4653123.09%
  • SolanaSolana(SOL)$36.028.25%
  • dogecoinDogecoin(DOGE)$0.0692542.43%
  • polkadotPolkadot(DOT)$7.124.38%
  • Shiba InuShiba Inu(SHIB)$0.0000116.44%
  • AvalancheAvalanche(AVAX)$17.877.54%
  • matic-networkPolygon(MATIC)$0.5111.83%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....