Friday, October 7, 2022

Crypto Ban: Nigeria Running Backwards – Shehu Sani Slams FG And CBN

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Shehu Sani, a former Nigerian senator has wondered why the Central Bank of Nigerian placed a ban on crypto currency transactions or payments for crypto exchanges in Nigeria.

shehu saniThe former senator said the government’s decision is tantamount to running backwards.He condemned the CBN’s directive on his Twitter page, wondering why the decision was taken.

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. Shehu’s tweet read:

Read Also: One Nigeria: The Dream of Our Fore Fathers That May Never Come To Pass

“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.Photo Credit: Getty

Also Read:  Suspension Of CJN Walter Innoghen Is An Islamic Agenda - Nigerian Christian Elders Forum

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