February 26, 2021


Dambela Blog

Bitcoin:Mixed Reactions Trail Ban On Cryptocurrencies In Nigeria

2 min read

Montreal, Canada - 28 February 2018: Stacked cryptocurrency coins (Bitcoin, Ethereum, Litecoins)

Bitcoin : Mixed Reactions Trail Ban On Cryptocurrencies In Nigeria

Following the outright ban of Bitcoin and other cryptocurrencies in Nigeria by the recent publication and directive given by the federal government of Nigeria through the apex bank Central Bank of Nigeria many Nigerians have taken to their social media platforms and other medium of communication to air their views and opinions on this very sensitive issue as it relates to forex exchange,  youths of Nigeria using bitcoin to trade vis a vis dollar, the emerging economy with digital currencies and technologies etc.

Many have attacked the government decision to ban Bitcoin as a way of suppressing the youths due to the role digital currencies played during the era of #Endsars and even the Sunday Igboho case which people believed is being funded with Bitcoin to continue his fight against the Fulani herdsmen.

On the other side, some see it as a welcome development as many lazy Nigerian youths are now using it to propagate their fraudulent deals popularly known as yahoo yahoo. They perpetuate their shady transactions under the guise of doing genuine Bitcoin trade transactions.

The Central Bank of Nigeria has last week ordered banks to close all accounts of their customers perceived to be dealing with Bitcoin and other cryptocurrencies in the country.

But many see this latest action by the federal government as closing up the economy. What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.

Already, the nation suffered severe economic losses from the border closure, and the effects of the #COVID19 pandemic.

This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

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