Nigerians React To CBN’s Ban On Cryptocurrency Trading

Nigerians across social media have reacted to the ban of cryptocurrency trading in the country. Social media users took to Twitter to slam the government’s new move snd shared that this will have a great impact on the financial economy of the country.

 Cryptocurrency TradingIn a circular shared on social media earlier today the Apex bank of the country ordered deposit money banks, non-bank financial institutions, and other financial institutions to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately. It stated that dealing with cryptocurrencies and facilitating payments through them is illegal in the country.


The CBN also declared that breaches of its directive will attract severe regulatory sanctions.⁣
Read also: New Cheques Will Become Fully Operational From April 1 – CBN Advises Nigerians
The circular was signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department.

Photo Credit: Getty

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