CBN Never Banned Cryptocurrency Trading in Nigeria
Emerging story
A circular sent out to regulated financial outfits by the Central Bank of Nigeria on 5th February set tongues wagging on social media.
Central Bank issued a warning and reminded the financial institutions of its stand against having anything to do with crypto. It warned the financial institutions that anyone found with crypto-related accounts would face its sanctions and further directed that all statements of persons or entities seen transacting in or operating cryptocurrency exchanges be closed.
Nigerians interpreted this to mean that the CBN had banned cryptocurrency in its entirety.
Notable social and political commentator Reno Omokri’s tweet in which he said that rather than Buhari fulfilling his promise of creating jobs, the CBN under his government has instead banned cryptocurrency, rendering youths unemployed garnered more than 1k retweets and 2k likes. Another post by former radio show host Daddy Freeze on Facebook gathered more than 147k views, and another video here got more than 18k pictures.
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Misbar’s Analysis
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