It's exactly as the caption says. Nigeria being one of the biggest contributors to the crypto space ranking as the third in most trading volume generated in year 2020, something to be proud about faces yet another crypto ban.
Nigeria central banks have suddenly pushed against cryptocurrency trading which comes as a big surprise as its its own CBDC the e-naira which stands as the digital currency for Nigeria was launched just a few days ago.
Again it's no surprise the idea wasn't warmly welcomed. The app launched to commensurate the e-naira had to be taken off play store as nigerians kept leaving bad ratings. Not with the recent bans and hindrances that have been rained upon us.
Crypto bans are not a new thing to Nigeria, although not rigidly implemented. The bans are rather stylishly put into place and anyone with a good eye can tell where this would eventually end if we keep going down this path. The last ban was put into place to prevent the banks from servicing any DEX or CEX, this was the government thinking they'd won the battle but alas the war wasn't lost as p2p became widely adopted. Another win for traders.
However, of late (past three days)the tactic has been upped as the central bank intensifies its fight with crypto traders. Bank accounts are being monitored and any account registered within the ages 18-30 with traces of cryptocurrency trading are to be treated as fraud suspects and have their accounts frozen. I must say this is no longer regulation but oppression.
Accounts having high inflows from multiple payees daily and accounts operating as bureaux de change without a license from CBN are now treated as red flags. Agents are now stationed on exchanges disguising as p2p traders
to monitor accounts and multiple bank accounts have been frozen to this effect following the CBN directive.
How amusing! If only this much energy was actually channeled into solving bigger problems. We probably wouldn't be regarded as a developing nation anymore.
