A statement was released by The Central Bank of Nigeria which was further signed by Director of Banking Supervision, Bello Hassan and the Director of Payments System Management Department Musa I. Jomoh, prohibiting financial institutions in Nigeria from dealing in cryptocurrencies.
Nigeria has now called on all Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions to stop transacting in or operating cryptocurrency exchange within their systems and ensure that such accounts are closed immediately.
The rise of cryptocurrencies heralded in Nigeria in 2020 and made giant strides during the #EndSARS protests when bank accounts of activists were blocked and other payment platforms for freelancers were banned. This made the disbursement of funds difficult, therefore leading many youths to rely on the use of bitcoins and cryptocurrencies.
Although the reason for this ban is still unknown, Nigerians have taken to social media to express their disapproval with the #WeWantOurCryptoBack as trading of cryptocurrency is a means of livelihood for many young people.
