Bitcoin Forum

Who heard about this? Nobody brought it up on the forum. I am referring to the rumour that that the CBN directed all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months. PND which means that the account owner will not be able to make transaction on the account for six month according to what I read on Cointelegraph.


This is the fake circular:

https://www.talkimg.com/images/2024/04/24/jlEPH.png

It was not even signed. But people were believing it?

It was on the news that CBN first denied it on X but later deleted the denial. But some hours later the CBN claimed that the allegation is not false.

https://cointelegraph.com/news/nigerian-central-bank-freeze-user-accounts

We do not have this on Nigeria local board and I believe no one among us will believe in the false circular.

Though it is a fake circular but I have already said it before that the government cannot continue to witch-hunt those that are into cryptocurrencies because it is very late for them now because crypto awareness have gone vast in the country such that even if they will achieve bringing those into cryptocurrencies down, some others will still be in the system without being caught but i continue to imagine that what was the need of lifting the ban they placed on cryptocurrencies if they will still be going about making things become so complex for crypto Enthusiasts and crypto entrepreneurs in the country?

Okay now that they have succeeded in bringing Binance to a hault, are they also trying to move over to other exchanges as well? Just like the news on this thread  After Binance: BYBIT and BITGET (https://bitcointalk.org/index.php?topic=5493984.0) how long will they continue to look for solutions in the wrong places?

although they've recently posted a disclaimer on thier official Facebook handle, you know there isn't any smoke without a fire and it's very possible that relaesed this circular and where later told to bring it down and they have to try and play games with people.

All this recent gingering is because naira has started loosing her worth again and they are still going towards only the crypto ecosystem. What happens to looking into other sector that can help boost the economy? It's not about trying to play the victim here by shifting all the blames to the crypto sector as though the only problem we have in this country is coming from those in the crypto and forex space. Even after the naira gained upto N1150 per dollar, the price of garri still was as high as N500 for two cups so they should just face therw front and look out for ways to bring out all the money they've looted from the country's Treasury.

https://www.talkimg.com/images/2024/04/24/jlYiz.jpeg (https://www.talkimg.com/image/jlYiz)

We cannot question the government because they in power, even when its all glaring to the eye that what they are saying is not part of it, i think the ban you're talking of was what transpired before the present administration, which was the law made by the former president not to allow banks on such engagement, but now, the current administration will refute the claim since it was not coming from them, even though they met the implementation on ground, then who are we to sue the government when they make a claim or dispute it as well, they are the leaders and in charge, CBN is just a wing of the government and we cannot predict on what may transpired between them and the government on this same matter.

Base on the link you shared and what's currently on their X page I think you meant False.

But after the $10 billion fine against binance drama, I believe there is an atom of truth here though they claim it's false. Actually the crypto regulations in Nigeria must be one of the most annoying, the government should just pick their stand and then we know how we Will do our things because either ways the government can't stop us though the adoption growth will be affected but Thank God for decentralized platforms we will move on.

I guess the government is confused on how to handle this crypto related issue on how to regulate it to make sure that they are benefiting from it, and that is why we hear one news today, and the next day we hear that it was a fake news.

Currently, with the way the inflation is still rising most people have come to understand that dollar and exchanges are not the cause of inflation, because the price of dollar have dropped and inflation is still on the high side. I believe this have made the exchange people to start increasing the price of dollars. As I am writing this post, the cost of 1usd to Naira is #1320, at yesterday, it was 1220,and at on Monday, it was #1150.

If this is fake, there must be something we don’t know that is cooking underground which must have birthed this. I just don’t think this circular will come out if they’ve not discussed an issue it raised a motion to go after bank accounts that are into cryptocurrencies. If they eventually make this news true and work on it, it will affect many people and all of us here. I just see this as a temporary caution to tackle the challenges they’re facing with the dollar rate. This is yet again another misplaced priority by them if they’re going to work on this issue with this type of policy.


What were they expecting when decided to use a temporary measure to tackle it. They keep taking from our reserve to sell to BDC’s operators thinking that will harness the current economic situation. They know better than we do and when they don’t take the right step, they’ll continue to make things worse for all.

Although this is a fake news according to my investigations couple of minutes ago, but I'm a solid believer that there's no smoke without fire. The government are surely cooking something lighter or worse, which got into the wrong hands and an amplified whistle was blown on them leading to their suspension of plans and public denial of such claims.

Its no news that the government are not happy with the progress of the citizens in the decentralized monetary system. Basically because they can't control it and its  enriching people without discrimination and limiting dependence on their weak recognition of the masses. The bright future that crypto promises to the citizens is seen as a threat to their political ambitions and they fight it with all their power forgetting that the more you fight a good cause, the more you spread the good news in the process.

Crypto has come to stay, bitcoin has come to dominate. I think the earlier they recognize these, the better for them so they take advantage of it rather than being busy chasing shadows.

Why won't Nigeria believe in such fake news, since someone can wake up on any given morning with the new implementation of the law given by the so-called Tinubu government.

Ever since the regime of the Tinubu government started, there has been implementation of new policies by the government. Nigeria does wake up to a new policy given by the government without notice. However, you don't blame Nigerians if they choose to believe this without the signatures of the government in it. They can choose to neglect it because of that, and later it ends up being legit noticed by the government.

In this particular government of ours, nothing seems amusing to the Nigerian citizenry again because of the intuition that the government of the day has given to her citizens that anything can happen at any time they least expected.

What the Nigerian government cannot do does not exist. I have a very low trust for them. Even when they say it is fake , that is even the time to seek other alternatives. They are bunch of liars. We'd wait a few weeks and the truth about their real intentions will be revealed. They try to insult our collective intelligence. How many times have they posted something and while one party is claiming it is fake another is on TV granting interviews and saying that it is the real deal.

 Wetin I think for this kind news nah say we govt go rush to discard these types of news a false in a bid to cover up small of their shame. You know say some actions of theirs fit receive beta backlash and in order to upset some big wigs for the crypto space, them go get to sum am up as untrue. I believe say before person become accused of something, e mean say people don dey observe say a thing like this fit happen and we hear of the case of the CEO of Samurai wallet being accused of money laundering, maybe we government fit try wan bring that same leg using this pattern of account freeze and if asked fit say them dey suspect the account owner of money laundering and all that yawa but as them see say e fit no get head, them quickly turn am to false news.
 Make we no believe anyhow news concerning government as regards crypto but that no mean say we go loose guard because we govt dey like think left left.

How many times them go wan write circular say make them block account wey dey related to crypto trading in this country. When I saw the circular I knew it was fake, because there was already something like this in existence in Nigeria. One of my account for bank is still blocked till tomorrow because of say them say I dey use am do crypto trading. Even if this one na fake news, make CBN no make am look say something like this no dey in place already. As I dey talk like this I no fit comot 1 naira from that account for over 2 years now. In all make we just dey, dey careful.

The information I just saw on the internet now is quite different from what I am seeing here the one I saw just now is nigerias central bank to freeze bybit kucoin okx binance accounts (https://coinedition.com/nigerias-central-bank-to-freeze-bybit-kucoin-okx-binance-accounts/) is it what you mean? Correct me if am wrong @Charles tim. If it it is so I presume Nigeria government is one of the dumbest government ever.

When I read through the link that you posted along, I noticed that it is the same thing. If you read it, the news is talking about central bank of Nigeria telling banks to put the bank account of those that are using the exchanges on post no dept if known. The CBN said that it is not true.

Very funny set of people and over the time, if we don pay attention to things and rumors for the country, you go understand say, no rumors Dey actually remain rumor for this country as them Dey later turn to actual manifestation and just like the case of exchange ban like binance, we been all take an like play and rumor until play ,play them ban binance and now, then don come again with this kind story and when deleted thei first post on x(formerly known as twitter) na clear sign say, these men get a lot of attacks against the cryptocurrency industry but still Dey find better and tangible reasons to unleash them.

I don't even care to know how true the information is, because it is very believable of the Nigerian government to go through great lengths to frustrate cryptocurrency existence in the country.
While countries like Lugano, El Salvador, Brazil are looking for better ways to infuse cryptocurrency into the economy to be better, I doubt there has been any new initiative this country is trying out in this administration in the sense of responsibility, to better the economy, other than to create agencies to check price of goods and commodity when things should be affordable without much price disparity and to make people who earn from cryptocurrencies suffer because they don't simply earn according to old traditional job description that they can easily tax and control.

In the end, am very certain cryptocurrency will get to be adopted at some point in this country but would be regulated just as other countries are doing.

First of all when it comes to issues with cryptocurrency CBN os always carful reasons being that, their don't want their incompetency to be exposed through attempt to attack cryptocurrency in Nigeria,  so best thing still their just play a deaf ear to it whenever cryptocurrency oz mentioned.

Secondly,  don't read social media news, ever since I stopped their notifications on my device,  I become more peaceful,  because blogs and social media posts are almost 100% fake news and all attempt to raise unnecessary attention to their blogs and websites,  so alot of fake news.

Is either you follow the official handle of the various government agencies to get updates directly or watch news this are the two ways to get real and authentic news this days.

I use to ask myself how Nigerian got to this level, that fake news can cyculate easily,  but then, we have to be sincere with ourselves,  Bitcoin, Gold and other assets are not attacked but only USDT that is the main target of the sec, this events is giving us alot of reasons to do more reseaand discus alot of thing as regards to cryptocurrency a d the current events in the Nigeria financial sectors.

The CBN's press releases for Binance, BDC, and all crypto-related operations were leaked, just like this one, and they flagged it as fake before republishing it after several weeks. The CBN is used to flagging leaked news as fake.It's their typical strategy. That document is legitimate; it was awaiting approval before being leaked.

Deposit banks nodey deal with crypto related transactions for ages now so what's with these new directive again.

For every rumors you hear about the government, just accept it that it's what they want to establish and if they come out and debunk it as fake news, then be rest assure that it is going to happen by 99.99999%, just trust the Nigerian government at your own peril because they lie a lot and that's what they do best when they failed to do what they promised during the campaign and election times.

Since the central bank said that the dollar is am open market to everyone, they should let the forces of demand and supply do their thing, by the time Nigeria start to increase exportation and increased IGR, then can start to do whatever they think it's good to stabilize the Naira. Even though I'm still patriotic I want Nigeria to be great but not under this shammy government.

The best is to follow the official handle. But official handle can be also fake. Although, not common but possible. Example is when United States SEC account on X was compromised with fake bitcoin spot ETF approval.

Not only social media news can be fake, even those like Punch, The Nation and well reputed news can be fake. And do you know what is more frustrating? When the original news is out, or that it was fake news, you will see most of the news platforms not come up that the news is not true but fake.

And Nigerians do not like to label their fiat/crypto transactions as 'for crypto purpose'. I do not know how the government will know all. With what has been going on, many people have been taught by Nigeria government and some regulators not to use the word crypto to label their bank transactions related to bitcoin and other cryptocurrencies.

For Naija, anything can be faked at any time, so yes you are correct with that statement of even social media handles and even newspapers outlet to be subject or tools for fake news, but none the less it is easy to avoid being feed with those fake news such that you only follow the verified handles of the agency and not just any handles bearing such agency's name, do the later will definitely lead you into subscribing to fake handles.

Although it is also easy for a ready to verify a news if you can check it out on one or two platforms before believing them as real, such that if you read a news on pounce,  it be better to follow-up such news details on sun news paper or even on TV, Nigerians with fake news peddling na 5/6 so we all have to be careful what we feed out minds with.

I've not been aware of such but in the main time let's not just stamp it to be fake but assuming any possible tendencies of actions by the rumour.
By so doing, let those of us who're bitcoin and Crypto enthusiasts take an immediate alert on the information and strategize on alternative source of accounts by which even if the policy is taken to actions, it wouldn't bound us down to proceed with my transactions.
We're Nigerians and knows so much about possible and impossible facts by which our governments can just stupidly take drastic actions without considering the society and the economy effects.

Thanks for sharing Sir.

It's impossible to track or tell what transactions comes from crypto sales and going for crypto buy but our Government will always want to be stupid. Just early this year the CBN released a memo concerning Crypto about transacting with regulated crypto Nigeria firms if I'm not wrong. We also thought that Naira withdrawal was coming back to exchanges after that memo. The only thing I was waiting for after was the lift of ban on our Naira card for international shopping. Everything just turned opposite now..

Our media space are not duly regulated and allows too many fake News to fly around.

I was just about to say the same thing, sometimes i wonder what is wrong with this country and our institutions, with every decision and policy they make, it shows how confused they are. Just like you, i also thought they were going to become more friendly with crypto when they lifted the ban on deposit banks not handling crypto transactions. Fast forward to a few months after, they are chasing every centralized exchange, arresting their reps, going after irrelevancies and as usual refusing to tackle the problem of the country from where it stems.

That is just the facts our nation her most rumour is liable to be the truth, everything remain allegedly at the end it will amount to be truth making haste while the sunshine is the best because the worse is to be cut at a point where one have no plan ahead it's better to have alternative plan before hand weather it happens or not to avoid the story that touch because is very hard to hear anything called truth that which is tags rumour is always the truth at the end. Already allot of action has been taken by the government the issue of arrested biance official, the ban and lifted ban, I see the lifting ban as strategy to capture crypto investor enthusiast, but one thing is sure they can't fight the battle of eliminating crypto space and won because allot has taken place the information on citizens towards crypto can't be stopped.

Our country will always be the blessed motherland for everyone. Don't ever bring varying ideas for a firm knowing full well you can handle the top job offered. What's actually wrong with the government? They ought to face the main problem they're having been hiding for long. The country is entirely moving on its own because cryptocurrency have been the major source of income for young Nigerians in the system but there's always a way to sort things out. Nigeria is one of the most complicated country when it comes to cryptocurrency dealings.

I love this statement of yours Belarge, Nigeria is a great nation and i think just like other great nations like the USA and others Nigeria is under a phase and would get to their standard in the future, though this present government might be making things tougher for the citizens currently, especially the youths but I urge everyone to remain calm and let's pass through this phase together, it won't last forever  and  I am pretty sure that things would get better. One thing i love about Nigerian youths is that we're very hardworking and ambitious and we'll always find a way to scale through hard times. The government can try all they can but very soon they'll discover they're making the wrong decision cause cryptocurrency as a digital currency is the modern day money and probably the future of money. They can try so hard but they won't destroy the future.

To me they're not confused rather they're only playing greedily. Those banning and unbanning of crypto transactions to be facilitated and not being facilitated in the banks was just to test run how they could penetrate having access control over the crypto but unfortunately for them it didn't work as thought.
They alternated in billing Binance unfortunately too they refused to comply so every mode of crypto transactions just got locked up to them with zero benefits.

If they had succeeded in gaining that access control on bitcoin we'd had been doomed conditionally with their own terms and conditions that's to say we wouldn't enjoy the decentralization modernity of the bitcoin anymore.
So let's believe that they knows what they're doing but they're just acting desperate and grieves with the decentralized technology.

This is not a test run - You haven't falling victim yet doesn't mean there are not victims. This restrictions has been on for ages and only few of us in the space know what algorithms banks are using to track defaulters.

This speak volume in my heart it's no longer news that everything in our nation when leak is tagged a fake or allegedly, weather it's fake or real all we need know is that solution or other strategy to those who are still holding more fiat in their bank account should be applied quickly since the direction of how this government is going after crypto is not yet know to avoid leaving in a point of no help of honey when you have what it take care of yourself.

I can still remember what one female senator said in the Senate house few months ago, that they are not the ones that brought cryptocurrency into Nigeria and they will not be the one to stop what they don't no about, which is a sign that many of the senators are into cryptocurrency investment.

I don't think banks managers can give the central bank all their customers that transacted with cryptocurrency in the past years, and even Bank managers will also fall victims to that punishment because many of the bank managers will be involve too.

The past administration couldn't stop cryptocurrency in the country, I don't think this current administration will succeed through CBN because some of the cryptocurrency users they are trying to freeze their account in Nigeria, they are the backbone of the country and something like that will not going to happen to cryptocurrency users.

That always the case with clueless government, when the government wants to shift blames they act exactly how the Nigerian government is acting right now, it is unfortunate that we are here today complaining about things that ordinarily would have been allowed to scale through freely because of the good things thats accompanied with it,  though I have never regretted of being a Nigerian because we are blessed and very intelligent, we don't giveup easily no matter what we face in our way, the government has made it a priority to be fighting centralized exchange instead of converting the fight to taxing the exchange companies, if I am to speak for myself, I think this fight is not all about the centralize exchange rather it is targeted on the people, if you look at what is happening you will see that people don't like saving their money in the bank any longer because it is deceit on disguise, why will i keep my money in the bank without expecting good returns, while in Bitcoin if I invest and allow my money to stay for longterm I will make more profit that I didn't expect, the government know all this and that's why they started fighting fintech company because those online banks has a trusted Internet service and good service delivery, so every Bitcoin trader will like add them to them to their p2p transaction account, the government know the risk ahead thats why they started tackling it from the wrong direction so that's it.

The system is so corrupt what can anyone do when most of those government officials have secured themselves with immunity and no one can hold them responsible when they make wrong decisions. If our government had lots of sensible people in the senate level they would've known that putting an ban on exchanges or freezing crypto accounts is like taking us backwards, the world is goinv forward and Cryptocurrency is the future so I wonder what's stopping them from going forward. Why would anyone want to safe in a fiat currency when you end up losing your funds to unnecessary charges and maintenance fees and instead of appreciating it keeps depreciating whereas you could gain more profits when you invest in Cryptocurrency like bitcoin due to it's volatility. The might try all they can but I won't be forced to give up on Cryptocurrency  but I know it's potential and I hope they realise their wrong decision before they end up ruining our economy totally due to ignorance.

The thing is, it is very difficult for the banks to identify which funds came from a crypto transaction since Nigerians now trade only peer to peer, thus, this one no be about handing over the customers to the government or if bank managers are also involved, wetin we dey talk be say these banks get limited algorithm to detect if funds that enters a customers account is from a crypto transaction or not.

Of course, the only thing dem fit do na to use their limited algorithms and "guess" if the funds is from a crypto transaction or not, if it ticks most of their boxes, dem go come seize the funds, and ask the person to present them with source of funds. I dey sure say so many Nigerians have been victims of this, but we no go know.

You’re right because if they do, they stand at losing more customers. For those that will get their accounts freeze can alert those banking there and dealing with cryptocurrency to stay off from transacting with them. Bank managers know the repercussions of such actions. To be on the safer side, when transacting don’t make anything look like crypto transactions because you never can tell if you’ll be used as scapegoat to them in order to to impress CBN that they’re following their regulations to get an award for that.


It is now more obvious as the time you posted this, CBN have not issued that directives but this circular should have made us all expect something coming to clampdown on crypto and those using p2p services on exchanges to receive their funds. We are already in that phase now and still waiting to see if they’ll really penalize those caught doing crypto transactions with their bank accounts.

There is an element of truth because there is no way that news can fly in the internet without someone heard and see the information from their site or from someone in the CBN office. I don't think individuals can do that to tarnish CBN image. Therefore the way I look at the information or is true and CBN just dey deny am. Me I no even hear di news sef na now I dey see am. CBN was trying to hunt down all the participants of cryptocurrency in di country and dat was why they even asked Binance to release the users in the platform to them but I don't think Binance released di data to dem.

Nigerian CBN dey fight di wrong fight for NGN/USD conflict. And I don tok am before ordinary policy go settle everything for them but they will not do am because them dey benefit from this obnoxious act they are doing.

People hardly believe because they aren't the victims yet but I can attest to this that it isn't a test run at all because my close cousin also was a victim of the CBN palava as they closed his zenith account due to trade he conducted with his busha exchange. Although busha exchange later restricted naira P2P but I think the issue with them has been kinda resolved.