The ban on crypto currency transactions or payments for crypto exchanges has continued to stir reactions from Nigerians.
The Central Bank of Nigeria had in a circular signed by the Director of Banking Supervision, Bello Hassan directed all Financial Institutions to close the accounts of those engaged in crypto transactions.
The apex bank also threatened severe regulatory sanctions on institutions that may breach its directive.
However, a former lawmaker, Shehu Sani says the ban by the CBN points only to the fact that the country is hell-bent on moving backwards.
He condemned the CBN directive on his Twitter page, wondering why the decision was taken.
His tweet read: “Why the ban on Cryptocurrency? Why are we running backwards?
Meanwhile, some Nigerians have insinuated that the new directive is a plan by the government to stop another protest like the ‘EndSARS’ from reoccurring in the country.
Recall some accounts belonging to sponsors of the End SARS protest were blocked by the CBN in 2020.
As at the time of filing this report, it was still not clear why the apex bank gave the directives despite the recession in the country.
Listen to top Radio Stations in Abia State CLICK HERE
Support Afnews Independent Journalism
At Afnews, we are dedicated to providing accurate, insightful, and timely news coverage. Our commitment to journalistic integrity ensures that you receive trustworthy information, unfiltered and unbiased. To maintain our independence and continue delivering quality content, we rely on the support of our readers.
If you value the work we do, please consider making a contribution. Your support enables us to keep bringing you the stories that matter.
Donate today and help us keep independent journalism alive. Thank you for your support!
