Bitcoin Forum

https://i.ibb.co/XFtD3C3/CBN.png (https://imgbb.com/)
- https://www.cbn.gov.ng/Out/2021/CCD/Letter%20to%20All%20Banks%20on%20Crypto%20Currency.pdf

You should expect your accounts to be suspended soon if you've transacted with Binance Nigeria and other exchanges or custodial service using your bank account before. I hope you will find other ways to convert your cryptocurrencies to fiat and vice versa. Are there enough merchants that you can deal with P2P?

The inconsistency between the establishment of Binance Nigeria which has been officially established and that which has just been established will face Nigerian banks who are afraid of an exchange without connecting the bank. regulation. The government there should have mediated first, so that the time when the formation and establishment of Binance Nigeria was in line with the Bank there. there is a kind of cooperation that benefits both parties.

ahhh I really don't like central bank regulations, both in Nigeria and in Bangladesh, everyone always rejects the presence of bitcoin.

What is the prove of your information. I have clicked on the link you provided and it has not taken me to any where to see the exact information and the source. Maybe you can check your link if you have to put proper link.

https://i.imgur.com/cwQ9wzc.png

I posted this on our local thread some hours ago, I thought it was fake news, but it is true as I read it from Punch.
https://bitcointalk.org/index.php?topic=5121680.msg56274188#msg56274188

This is becoming true, I have just checked punch, one of the most recognized news source in Nigeria.

https://punchng.com/cbn-orders-banks-to-close-crypto-currency-accounts/

It turns out that not only in Bangladesh, Nigerian banks also took part in rejecting the exchange of cryptocurrency, I think that despite this refusal, there are parties who do not like the presence of cryptocurrency in their country. How long will this continue, they should have realized that with the exchange of cryptocurrency, it would be a freedom to carry out transactions between countries. yeah I know any Nigerian bank or any bank, never felt open to cryptocurrency.

Nigeria has been a country with bad leadership from the onset, this is not surprising. When the largest Ponzi scheme that was carried out in South Africa turned out to be Ponzi, the South African government still looking for ways to regulate crypto not ban crypto, but Nigeria go for ban without any prior notice. I think Nigeria government still have internal agenda they do not disclose. The credit card monthly spending was reduced from over $5000 monthly to $100 monthly, this was because they are not producing enough goods for export and importing more, therefore inconvenienting Nigeria citizens, especially the average people that depends on such because the rich ones will see a way through. Now, that might be one of the reasons they ban crypto this time around but telling that it brings about criminality. Nigeria will also be Nigeria, the leaders will never think in the right direction, especially during this worst time ever Nigerians are especially since 2018.

The best option is to start a new bank account with a different bank than you usually use to link your cryptocurrency exchanges, there are several sites that allow you to trade using P2P to Nigerian naira including Binance and i would say that it is the best option rather than getting your accounts in trouble. Just create a freelancing profile and if there are questions asked just identify them as project revenue and always pay your taxes to avoid any other legal troubles.

If you follow these then they are not going to identify these transactions as cryptocurrency related, always look for trusted users with verified profiles before carrying the P2P deal to avoid illegal sources;).

It almost feels like a crime to be a common man in a country where the political system is unfair to the citizens as Nigeria. Indians are doing it, Bangladash and now Nigeria has decided to join in. The same Nigeria that not too long ago where looking at ways of incorporating cryptocurrency into the federal reserve and possibly other blockchain technology. Its obvious what a country we are in when we are head by leaders that aren't thinking but depends on peoples opinion, the stakes in it for them and in all that, the common man doesn't have a say.

See the thing is , this already happened in India and you know what happened?
Nothing
I had a bank account overseas and therefore I was still able to trade like that and at the same time I do live somewhere else and if you know someone overseas then you will be able to trade.
_______________________
You will always have an opportunity to do p2p trading. Therefore don't worry much , have a wallet which doesn't have KYC because the next move would be them banning them or putting them to a halt.
_______________________
There are literally so many nigerian people with BTC and many of them are really happy with the cryptocurrencies and would like to get engaged in them too. So it won't be hard finding someone , just make a local group even before they ban those accounts this way you will have a backup plan.

I have to say the Nigerian central bank took a wrong decision at this time. As far as I knew Nigeria was a potential country for bitcoin adaption since many citizens were already involved with Bitcoin. Now they banning bank accounts related to Bitcoin transactions which will lead to illegal use of Bitcoin. I don't think those peoples already involved with Bitcoin they can leave it. Same here in my country, central bank ban Bitcoin but citizens are using it illegally, as a result, the government losing accumulate taxes from them. The same thing will be happening in Nigeria, bitcoin users will find some way to trade their assets.

I think Nigerian government should reconsider their decision against the crypto currency use. Nigeria which seems to be underdeveloped country, must adopt the new ways of investment, transactions and banking ways.

I am very very surprised to see this letter from the central authority. What they were thinking in the first place surprises to me.

If they are struggling from tax recoveries then they should impose strict regulations on bitcoin use in “different” ways. For example, impose regular income tax slots on the bitcoin use. This can be traced by banks when Nigerian pips use exchange to withdraw money into their bank accounts. This amount then can be taxed as regular income.

This way Nigerian government can get enough taxes too and they won’t have to leave the modest ways of transactions.

This is happening is many other countries too like i heard that Indian government is also bringing an ordinance to ban the private crypto currencies and maybe introduce their own centralize digital currency.




You should use any P2P exchange for this purpose and also when transferring money in your bank account, ask the sender to not state any word like bitcoin in the description/purpose of payment.

Very useless government with a shallow and 1980s mind set. Since there is huge demand of crypto by the citizens, instead of the government to use the opportunity to create platforms or more secure platforms and AML for institutional investors and earn tax in return, they are damaging the future of the nation.
I don't blame, I blame the power of the people because they chose them. But the fact is I have been here 3 years counting and crypto is here to stay. We aren't going anywhere soon.

Nigeria has been pretty aggressive in bitcoin and cryptocurrency as of late, and I cannot understand why. There are tons of traders in Nigeria right now prompting Binance to open up a market to cater the demand, and the government could easily capitalize on this fact by providing ample regulations to sustain the scene and tax the crypto sale proceedings and related profit just like what other countries did. Most countries look up to Nigeria as one of the countries in Africa that is ripe for an economic boost, however if they keep on shutting down opportunities that come knocking into their front door, they'll just keep getting back from square 1 and the number of poverty-stricken citizens would just grow.

Oh, that doesn't sound good! From what I know, cryptocurrencies are of the few legit ways to make decent money there.

What about VISA crypto-debit cards? Do they still work in Nigeria?

From my experience every time this kind of news appears there is a lot of misunderstanding from it, so assuming you're more familiar with the matter of what does this circular really means and what status has a directive from CBN? Is it legally binding?

Has the CBN the power to issue a control on a financial institution or there must be first a case created by a prosecutor of another authority that is acting like a watchdog monitoring the banks with a case of wrongdoing against a bank or a financial institution for not implementing those restrictions?  I doubt any central bank can start and control every single account in the country so there must be a trigger somewhere, a branch of either the cybercrime squad or whatever kind of policy you have there, so, if you manage to keep a low profile you might get away.

For the exchanges, it's probably game over but I think small p2p trade can still go on.
ATMs are done for also this form right? They probably are classified as OFI, no?


I don't know the situation in your country but the ban is the same as this one?
If so, you should share a few tips on how one can avoid getting his account closed or how it can deal exchange without touching a financial institution. From my point of view is either rely on face2face or a foreign money transmitter that doesn't give a damn about regulation in Nigeria.
From what I can see Mpesa will no longer be an option either.


I find it ironic that every damn country that was cheered as the next Bitcoin heaven and source of explosive growth is turning out to be more of an enemy, Venezuela is implementing state-controlled wallets, India is thinking of a ban, Nigeria is doing so right now, which one is left?

Haha you got me on this picture.
Although I still don't think that they are many. But it's not a good news whenever a country starts to do the same. In US, they won't ban crypto but they're about to regulate wallets. And once it happens, these countries might do the same and will take advantage of it. They can ban if they want to but their citizens will still look for a way to buy, hold and sell. It's also possible that they'll have their own CBDC but if they'll do that, they should remove the ban and sanction for bank accounts that are related to cryptocurrencies.

The protest is what I am suspecting in the first place. I am surprised because AFAIK there is around 10% or higher cryptocurrency user in the country, putting regulation as the quote above says is the best way to go for anything involving crypto, I believe that this is a political play because you can easily make profit out of the crypto population in your country by putting regulations and taxes, either bankers are involved in this, or a government official that fears that crypto is giving people power or a government official being lobbied by bankers.

Perhaps this is not a very correct opinion - but does it really matter what happens in Nigeria? I am sure that there are much more important problems of a different kind than the availability and legality of cryptocurrencies. Don't you care? Why are you interested in what is happening on another continent where the development is at the level of the 20th century but only with access to the Internet?

There maybe many problems in the country but if you discourage the use of crypto in the country, this will lead to further decline of the economy of the country. Nigeria could make crypto legal which can help their country grow but usually the government officials does not recognize this opportunity.

Trust me this is only temporary measure for Nigeria and we can just look at example of country India that had banned and unbanned Bitcoin and crypto several times.
Nigeria will probably add some new law that regulate crypto better and banks will allow crypto transactions again, and what are they going to do when Visa adds cryto...ban Visa also? Let's be serious please :)
Meanwhile, Nigerians can use p2p trading because nobody can ban that.
 

So what's the use of this temporary measure of banning bitcoin which causes pain and anxiety for the people who are dealing and earning crypto currencies. I am sure that these government wish to ban the crypto and they try every thing they can think of to ban it. But when they see that's impossible to ban crypto, they announce it to unban it.  :D

They are not ready for cryptocurrencies although they've already heard of it in 2017 and so they ban all. I think most of their system is so fucked up that they can't get anything to help the country move forward. It's probably weakness in leadership in Government and different institutions but I'm just guessing. Nigerians would know better.

Visa will partner with custodial crypto services that will convert crypto payments to fiat before it goes to the recipient if I am not mistaken. I'm not sure if those banks have the capacity to detect those transactions. Maybe they can also ask Visa for details.

Did you not care when China started all those bans? How about in India? Did you not condemn those countries for spreading a negative image about bitcoin and other cryptocurrencies?

Are you saying this because you are belittling Nigeria? It is in my opinion that Africa needs cryptocurrencies and I'm sure I'm not the only one who sees that. Binance also see potential and the success of crypto adoption in Nigeria will spread throughout the continent. Do you know how big that can be?

Banks does not want bitcoin, it's a threat for them. Good thing they are only closing the account, not confiscating it.
Since this is coming from regulators, this address the entire nation, so not crypto transactions allowed using our bank account.

Soon they'll realize they are driving away from an opportunity.

I hope they'll not regret it, if they do, they can just reverse the directive.

Do we know if account closures are being enforced? China comes to mind as a nation notorious for making announcements of crypto bans without following through on them.

As an american, sometimes I look @ current events in nigeria and think: nigeria is the future of america. Many policies and decisions appear to first be tested in foreign nations before being brought to north america and the USA. For an example, the defunding of police was a hot issue in great britain around 2-3 years ago. London had 1 police officer for every 250,000 residents and politicians wanted to defund police further. 2-3 years later defunding police became a hot topic in the USA.

Agree, why ban if they can amend the laws and implement it. it might not be the same case with India or other countries that has ban and unbanned crypto, the government of Nigeria might have seen crypto as a threat to their economy or their county as a whole.

I'm trying to read the full story but I could not access the site, same experience with the poster before this post.

Nigeria??? That’s where I least expected this kind of thing to happen. It’s really coming as a surprise to me when I saw the news yesterday that Nigeria’s Central Bank has banned cryptocurrency. This is really bad. I was having this conversation with my friends and we just came to the conclusion their government don’t have any understanding about cryptocurrency and that’s why they have decided to ban it, that’s the normal thing with government, they ban what they don’t understand.

Moreover if you all can remember, around last year Nigerians during the ENDSARS protest were making use of Bitcoin since the government were blocking their banks accounts, so Bitcoin was the only solution. So I guess this might be why their evil government has taken this bad step, to oppress the citizens.

I may not be very smart, of course, but I don't understand the direct and even indirect connection between the growth/decline of a country's economy and use of cryptocurrencies. The economy is based primarily on the number of jobs, international relations, domestic production, and many other factors. And none of these factors is the availability of cryptocurrencies for the population. There is no indirect connection at all.

You are comparing two countries with a combined population of 2.7 BILLION people with a country that is located in the most unfavorable region of the planet (in political and economic terms) in which 200 million people live, of which 1% knows in general what a cryptocurrency is in principle. Half of the population lives below the poverty line, and 70% works in agriculture. Do you understand that this is not even a country but a real "banana republic" that live in 19 century? I'm not belittling Nigeria I'm just saying that cryptocurrency is generally the last thing that can worry you if you live in Nigeria.

The spread of cryptocurrency in a place where the main problem is survival and what to eat tomorrow and how not to have another (fifth in a month) coup d'etat-this is really something on the level of "If they don't have bread, then let them eat cakes".

Even temporarily, these bans create uncertainty both for the people and the market, so they are not right.

In these coronavirus times, I would feel terrified if I woke up one day and find out that my bank account is banned as I'm buying everything online now.

Well, we dont care if they will not like bitcoin and think that it is a threat to them, it seems this already happen in the country of China. But until now, people keep using bitcoin until they decided to lift in banning of crypto. Even how hard they push to keep banning, even if it will include closing bank accounts. Bitcoin users are wise enough and they can still use crypto without knowing the bank, there are too many alternative ways for that. As I read on the thread that I commented a while ago that Binance supported banning users in Nigeria, but they dont know that people can still use it, does not make any sense.

Not a smart move for that bank, more and more people are using banks to cash in to their cryptocurrency accounts, which means more money for them basically, so doing this automatically puts them at risk of losing a big customer base which they might regret dearly. And as for our friends there at Nigeria, there should be other banks out there that wouldn't do this silly of a tactic, switch to them instead.

Sometimes there are rulers who do not act with sanity as in this case. You are right what the Nigerian government will do when Visa offers bitcoin on its services as recently announced. I think the government has bad advisers, the measures are too rigid by banning bitcoin to Nigerians.

If in the world we are the majority who have not banned Bitcoin, it is because the majority is right. Why are governments as radical as Nigeria?

The 4 reason according to this Nigerian media for not accepting bitcoin. 👇


That pride! forgive my discontent.  :-\

I find it ironic that these countries that are considered to be 'developing countries' prohibit such opportunity for their citizens to experience and to earn significant amounts of cash. Relatively, these people are the ones who need it the most and the government prohibits such transaction for these cryptocurrencies.

Although I do understand that there are disadvantages of having a decentralized currency with anonymous transactions, the advantages it provides outweighs such. I do thin that the government needs to think its reforms and its priorities for its people. The more they prohibit such opportunity, the more that they are hindering themselves to development.

Was it really an opportunity for everyone?

I think it's not, only few are making money in crypto, others are losing money as well.

The issue here is about crypto in general, not on the earning or investing opportunity because in general, crypto is use for payment and that's what should happen if we like a real adoption which results to less manipulation.

Not would really be that a total big loss for banking industry and if we do consider on how banks operate even before cryptocurrency doesnt still exist then it do still involves big money.

Yes, its surely a good add up for banks when people do deal up nor tend to accept those crypto payments but to think that these institutions are heavily regulated

and government are one of the main enemies when it comes to decentralization which it is just simply shows that they will really be abiding on the laws and regulations that had been set.
So it isnt surprising with these kind of conditions.

I'm sure the bank won't just that easily close down an account, this kind of strategy is just to scare people away from using cryptocurrency and maybe the amount of account that gets banned within a month just ~1-3 accounts.
Not to mention that people could just easily switch to P2P so that they don't get detected and also might open account in a platform like paypal or such where the banks not gonna detect you unless you cash out directly.

Seems like Binance is acting faster than Nigerian Banks:
https://www.coindesk.com/binance-suspends-deposits-in-nigeria-following-central-bank-directive

The news is one day old but I don't see any serious change in the volume pairs, except for the USDT/NGN, change that for me makes little sense right now, why the dump? :-\
https://www.binance.com/en/trade/USDT_NGN

Imo I don't think this news will change much for the Nigerian Bitcoin community, from the information I've garnered, withdrawals of crypto funds to naira from centralized exchanges is still working fine as of yet, I know it's prolly a matter of time before most exchanges block Nigerians from using their services, but then the option of P2P trade remains sufficient for crypto users in Nigeria.

The news is pretty surprising cause I don't think the government had previously voiced their dissatisfaction on cryptocurrencies, neither have their been high profile cases of scams coming from Nigeria (correct me if I'm wrong). The Nigerian government prolly have something up their sleeve, being the corrupt/manipulative set that it is.

In India, we had a similar "banking ban", which was in place from 2018 to 2020, before it was turned down by the supreme court. The ban prohibited bank accounts being used for cryptocurrency trading. The banks suspended a few bank accounts as a result, but the users simply moved to other alternatives and there was no impact on the market. Anyway these days most of the users are relying on P2P platforms to trade their crypto, and as a result the banks won't be able to easily identify the accounts which are linked to traders.

Although the directive has immediate effect, I think the actual crackdown on individual users and institutions would take some time. But regulated exchanges will surely be acting more careful on this. They're registered and licensed, after all.

While withdrawals are still allowed, I think deposits have already been suspended. Withdrawals are expected to take time and exchanges cannot just suspend it immediately following the government order. Account owners are not expected to get informed of the announcement immediately and act on it right away.

I reckon P2P trades with registered centralized exchanges such as Binance would certainly be affected as well. I doubt NGN would remain accepted in such centralized platforms.

They will be in a lot of trouble if they will confiscate other people's money. They will need to prove that it came from illegal activities.

Perhaps the Nigerian bitcointalk community can update us on this. Charles-Tim

It is just right for exchanges to allow withdrawal of user funds to banks before their accounts are blocked. Do they still allow fiat deposits? stompix shared the news that Binance Nigeria suspended it already.

I am comparing the effects it had on the people where ban was imposed and to the entire crypto ecosystem and not just the population or the percentage of crypto users there. Your comment is coming of as you don't really care if it happened in a country that has a small crypto adoption rate.  You probably only care if it caused FUD and price dumps.

I doubt the crypto community in Nigeria would agree with you. Don't you think of the ripple effect the success of the 1% who are involved in cryptocurrencies would be? Now that there is a ban, the 99% wouldn't even dare to touch crypto once they heard of it.

Why do you think there are airdrop and bounty hunters coming from Nigeria? They saw cryptocurrencies as an avenue to help them survive and to put food on their table. I don't think I'm wrong if I say that their numbers are increasing because one hunter would invite their friends and family to try since he also made money doing it. The ban would make life harder for them since they will have to resort to other means of converting their rewards to fiat.

A similar thing happened in India when cryptocurrency exchanges had their bank accounts freezed and only P2P was the way out for crypto users to convert their crypto to diat and vice-versa, trading was affected a lot as well. But in 2020, the supreme court removed those restrictions thankfully. Nigerian banks should re-consider these decisions, they might place taxes on crypto profits, but just banning it completely is very counterproductive and not good in my opinion.

This reminds me of what crypto was back in 2012-2013 in North America. Banks didn't really ban crypto however if you had too many transaction related to crypto such as transfer too and from bitcoin exchanges or any P2P deals then most likely your account would get closed. The reason for this was due to the SilkRoad bust and they assumed that if you are dealing with bitcoin, you are most likely doing something illegal.

Now fast forward 7-8 years and the landscape has changed. Most banks are well aware of crypto and these days its more assumed that if someone buys or sell bitcoin, they are an investor instead of a drug dealer. I remember a guy in my area who ran a few bitcoin ATMs, his biggest hurdle was dealing with banks because every few months their accounts would get closed down and they would have to find another bank to deal with, was very frustrating.

I think Binance respects the policies adopted by Nigeria and has temporarily suspended deposits for matters concerning Nigeria. this is the right thing for binance to do.

besides, it doesn't really affect the market. even bitcoin still has the potential to go up to over $ 40k for now.

based on the article mentioned, many Nigerian people do not agree with this, even they have made hashtags about this more than 26,000 times. however, I think this will be the same as India doing, and I hope there will be no significant effect on crypto.

This new development has been met with major criticism from both the citizens in that country and other onlookers from around the globe. It is however noteworthy to state that developments and policies like this usually spearhead the popularity of crypto among those who would have never heard of it. With recent statistics showing that the country is the second largest after the United States with crypto investors, i only see a situation where P2P style of transaction is promoted.

Nigeria's current crypto situation is a little different than the India, Nigeria is more receptive to crypto than India and this is the first problem encountered in Nigeria that involves crypto that made headlines. India on the other hand, have an on and off relationship with cryptocurrency with now currently making the possession a criminal offense. Hopefully, the will of the people will rule out more than the CBN's will to ban usage of crypto.

I have transacted with binance exchange severally involving my bank both for withdrawal and deposit, did another trade after I saw the news and will be doing another before the day ends let see if they'll block my account. Jokes on them if they do because I hardly store fiats in bank. My peer2peer service has be booming locally too since the news dropped.

https://i.imgur.com/lPrdRVp.jpg

You can also see it having it's effect on the exchange as Naira dropped from above N480 to below N440 on the binance exchange (NGN/USDT) although it's beginning to recover and now trading above N460. The merchant are quite much, before binance, luno etc all came into the game we have been transacting peer2peer. The average nigerian bitcoin investors buy from another individual instead if the exchanges so it won't have much impact instead bring about more enthusiast to the industry.

Nigeria is really not doing themselves a favor if they do this, at the end of the day crypto is something third world nations need more than anyone else. In Nigeria 10 bucks is not a bad amount of money, you can definitely live a very decent life with 10 dollars per day, in USA people are talking about mcdonalds workers should get 15 dollars PER HOUR and that is about 150 bucks per day if you work 10 hours.

In Nigeria getting 300 dollars per MONTH is more than enough to live a decent life. This is why I think it is quite important that Nigeria accepts crypto, actually supports it, because people in Nigeria could work freelance and remote jobs for other companies in bigger nations and get 300-500 bucks a month and live a very good life, there is really no logic behind keeping them at this low level when you can find a way to make them live richer this way.

The two platforms that accepts naira bank deposit and withdrawal are closed down already, Luno naira deposit is down and binance too, honestly I have no other ways than these two, the problem is from some corrupted youths in the country, they engage in romance scam and ask their victims to buy them bitcoin, FBI leaked the information to Nigeria government that's why they ban crypto

Is this news the main reason why the market started burning today ? The marketcap has decreased and it may mean that this will be the start of a major correction in the near future. I hope that what I think does not happen anytime soon and also deeply regret how bad the Nigerian government's decision is to enforce the rule. Even though the trader and investor there still have a way out, the government must be able to facilitate problem that can improve the population's economy. I don't think they need to close the entrance for bitcoin or crypto there, that would be a shame.

Three is one problem with this p2p scenario, you can't disconnect a country from the global trade without that having consequences.

In each country the number of coins held by traders is finite and it's either smaller or larger than the demand if the demand grows explosively and traders are unable to get this amount from other sources like global exchanges with high liquidity the prices are going to run amok, it happened before and it will happen again.
As bad as centralized exchanges are they offer immense sources of liquidity to all markets, so if a spike happens on one national market arbitrage will kick in and traders will buy from foreign exchange and sell p2p or f2f in their country to balance the books and bring the price in line with others.

If all exchanges will follow what Binance has done then this whole process will have to find a different route, which is slower and costlier for all parties, it somehow looks like an embargo on a product, there is demand in the country but you have to smuggle the merchandise from outside.
I know some hardcore fans will try to brush this aside as nothing that would be able to harm the trade but if properly enforced it's going to be a pain in the ass.


I wonder how many years have to pass so that people will finally understand that hashtags and claps and angry youtube videos are useless.

I don't think it's a big news that would affect the market badly, Nigeria is not a big market in crypto, and even if it will affect to dump the price, it would still recover. Remember, crypto market survive the news on bitcoin ban in China, that was way bigger than this news.

I suggest that they look for someone that they can trust who lives outside Nigeria with a Foreign account that accepts cryptocurrency transactions and connects them with their fiat local account. I know it's hard to do but there is probably nothing wrong with trying unless the punishment is imprisonment.

I think they can also open a foreign account if the issue of closure is only about naira account with the banks. They can as well open a dollar account with binance and link it with the bank then transaction can just change to dollar instead of naira and they withdrew dollar instead of the local currency.

Interesting.
I think it's better they regulate the institutions dealing in Crypto rather than let them go elsewhere where they will likely pay taxes and contribute to the economy/society
What the people in position of authority should focus on is making sure that cryptocurrency aren't abused/misused by users.  Cryptocurrency platforms/businesses that wish to do business with a country should be required to follow the good national standards for regulating businesses and keeping financial institutions safe for users/stakeholders.



Wish I know why they consider cryptocurrency risky. I believe they could make it less risky if that is really important to them.

https://bitcointalk.org/index.php?topic=5315206.0  If you check this topic it says that Nigera is the fastest growing bitcoin nation in the world, to close bank accounts involved with crypto in the second fastest growing community is the worst thing they could have ever done.

This is not something that is political for them, this is not something that requires a liberal stand point neither, it is something that is nationalistic for all these nations that are poorer than big countries.

Sure in USA you could go on with USD and people who use bitcoin sends a message, but in Nigeria people need money, and if there is a method where people could work with foreigners and make money and get dollars from them into their nations, that makes the nation richer as well because dollars go into Nigeria making Nigeria stronger in economy that way. However they really couldn't see that apparently.

This has been the worst decision they've taken and Indian government too looks to be walking on the same path and looking to ban crypto here, when all other countries and major institutions are trying to get their hands on the world's most expensive cryptocurrency - Bitcoin. It's like getting back to the ancient era and this will surely not be in their benefits because nobody is going to follow this and will surely bring in new ways while opposing their decisions openly.

The Central Bank of Nigeria issued a response and clarification to their recent crypto ban and you can find it on their official website https://www.cbn.gov.ng/

I cannot paste the direct link to the PDF without the %20 bs but Coindesk also uploaded the five page document here https://www.scribd.com/document/493681467/CBN-Press-Release-Crypto-07022021#from_embed

According to the letter, it was just a reiteration of previous circulars,

And then we have the usual excuse,

It's also funny that they have to use other countries that imposed restriction and Warren's previous statements to justify their action,
They also mentioned other personalities but I don't think I need to put them all here.

To put it shortly, they do not know how it really works and they are using opinions of other countries or personalities that are against bitcoin. They are not willing to follow the steps done by Japan and other countries favorable of bitcoin. I am now curious if they still feel the same when they learned Elon's Tesla bought $1.5B.

That is exactly how you can ban bitcoin, they didn't do anything shocking or different than any other place, in fact they did it as better as anyone else I have seen, this is by far the most collective reasoning I have seen from a ban and I do think they worked hard to ban it. Did they do something right? Of course not, they are fully idiots for banning bitcoin, idiots who worked hard but they are still idiots.

It is more about people getting power, Nigeria is not USA, USA could ignore all the crypto people because they have so much money at the top that they could do whatever they want to and can get away with it, but Nigera is a poorer nation, sure there could be super wealthy people there too at the top but the lower you go the less power and money there is to distribute, even to powerful positions, which means crypto could help regular people get richer than people in position, THAT'S the real reason why it is banned.

I just think we are our own problem and when we are lead by elders that aren't smart individuals with selfish interests and lack of innovation and creativity.
I still don't get the reason how some united people call the government think sometimes, they usually think below their cycle and that's why they are always behind the scene of innovation and technological creativity.
If Elon musk and Telsa could locked up some Bitcoin and some developing and under developing nations are still blocking their individuals from interacting with cryptocurrency, they are just bunch of retarded hooligans without future.
As I have said, close of a process create another route. There is p2p platform and crypto will excel as long as there are more than 1 person in this space.

I think this is one of the worst decision Nigeria government have taken I believe there are lot's of reasons which lead to ban of cryptocurrency in Nigeria but i still see no reason why they have to ban cryptocurrency, I just believe we cause our own problems by our self we are lead buy selfish leaders which only care about there self and relatives alone. Nigeria is a country where the rich are becoming more richer everyday why the poor are becoming poorer everyday, government have not made provision for employment lots of youth's are suffering the only way 80% of Nigeria youth are surviving now is buy cryptocurrency lot's of them feed there selfs and there family from the money the make in Cryptocurrency and now they are banning it, what do they expect the youths who are surviving with cryptocurrency and making there money from cryptocurrency do, I think the only way which by which this ban can be review is true protest. Lot's of countries are developing there countries with cryptocurrency lot's of companies are adopting cryptocurrency and is really improving there economy but the only think we can do in Nigeria is banning it. I think this is a very bad idea and I think it should be review cryptocurrency is not a bad thing I don't think it should be ban. But since it has been ban already I think there is another method which can be used currently which is P2p platform I think we can buy and sell crypto.

Well they have banned cryptocurrency exchanges from operating with banks in Nigeria, but that doesn’t mean that it is over , in fact this is a loss for the Nigeria government, they just made a stupid decision by banning cryptocurrency exchanges. First of all Nigeria is one of the biggest crypto trading country, and with exchanges like Binance, Luno, and many others that launched their businesses there, they were all paying taxes to the Nigeria government and also provided jobs in the areas of blockchain and crypto technology.

But, now the Nigeria will no longer get the taxes and many people will lose jobs there which means increase in the rate unemployment. And a lot of traders will now go for P2P exchanges, like Binance P2P which means the government is getting nothing. This is totally stupidity.

I'm sure they have an answer to this that will make you think they did the right decision.

The government is making this decision because they have basis that they think crypto is a threat to their country, probably because they are not yet ready adopting it as their regulation is still weak. When crypto is allowed, there's also a risk on it if it's not properly monitor, government does not only focus on taxes, they also focus on safety of their people or the government.

I have washed my hands of my countries decision to ban crypto-currency, I think it's like the federal government closing a gate at crypto-currency users in Nigeria when there are many more doors to operate from, I don't think this would last, Because from the looks of it the Senate has summoned those behind this, but like everything in Nigeria they are all in one boat, I haven't experienced any difference, but for delayed transaction which has nothing to do with the Ban, I think Nigerian federal government are implement many hardship and I don't think this is their last.

This move will really be sad for most users living in that country especially some of them are really relying on Cryptocurrencies so that they can afford their necessities. Maybe they need to really create or give them a time frame in which that they could at least remove their money from their accounts because some sudden closing might make the users create a move in which they will demand justice.

Yes the lawyers have gone to court on the government policy on cryptocurrency. I'm sure the Nigerian lawyers will not rest from dragging the government to different courts. Certainly also the frozen accounts and the fiat in it will be part of the justice that the lawyers will present to the court. The affected people I believe will get there money after sometime because it is about natural conscience.

Reading what the CBN stated, I don't think it has anything to do with Nigeria's government protecting their banking system. I read their statement and their reasons are so unrelated and faulting. One says that it's because Bitcoin is an unidentified currency and states that crypto encourages criminals. We all know this isn't true, Sometimes some government can be irrational, especially when they are not benefitting. No need for VPN though, I heard Binance has opened a p2p transaction method because of Nigerians; they are their biggest users.

It is much more profitable for the government to try to control and benefit from this, rather than banning cryptocurrency and punishing cryptocurrency users who are citizens of their country. In addition, these people are direct taxpayers who replenish the state budget. but it can be assumed that in this way the government is trying to knock out favorable conditions for concluding certain transactions with such companies that use cryptocurrency.

You need to look at the bigger picture. The governments are worried that popularity of the cryptocurrency may weaken their power, control and dominance on the citizens. It is not easy to track the cryptocurrency transactions and the governments are not happy about it. They are against anything that is outside their control, and the same logic is applicable to cryptocurrency as well.

There is absolutely no way the government of Nigeria can successfully ban crypto in the country. With this ban, what they did is only to stop the operations of the exchanges that accept and can pay in the Nigerian currency. These include binance ngn, Patricia, luno and several other exchanges.
The government doesn't realize that before the advent of these exchanges, people have been using P2P to convert their bitcoin to their fiat. So it is only natural that these people return to normal mode of making transactions in the first place which is the use of P2P

Will there be a chance for the owners of those accounts to get all their money from that account? Because if not, I think that it is going to spark an outrage on the crypto community. The good thing about this is that the overall crypto activity in the region is not going to be affected, it just looks like it but the people that are involved in crypto and uses banks is the only one affected albeit they are small, I think that it is alarming that the Central Bank is going to get involved.

It is not a total ban, this is just a bank centered and not as a whole so we don't have to worry much or be angry about it. It is good that they are banning it on banks because these will cement the idea that banks are oppressive towards the people.

When a government prohibits things related to money, the irreverence on the part of its people is present, nobody is going to pay taxes, there is no way that it can drag them and find who they are, now more than ever they can unleash a greater flow of people than enter the market, the use of VPN will be law for Nigerians and enter, if nothing else in Cuba that have everything blocked they do, in Nigeria much more.

I think they will do that right now but I know that time will come have to think of it soon when other countries try to open services for crypto related exchanges that will be regulated by central banks. I know that their government is still studying the potential of crypto. It could be that their government is afraid of something like money laundering or funding of illegal activities through crypto.

Aw, that sure sucks. You guys have to find another way to convert your cryptocurrency to fiat then, especially for those whose source of living depends on cryptocurrency, this is such a bad news.
And after reading the replies, i found out that many other countries do the same too? i really wonder why. Banning them won't do anything tbh, there are still many other illegal ways that can be done. I think it'll be a lot better if the government starts to make regulation regarding cryptocurrency, and something that will benefit banks as well, so there won't be any problem.

It seems to be awful having your freedom as an individual to have your own rights to explore things beyond your comfortability just like not merely be relying on just banks alone trying to get along with the trend of getting into cryptocurrency but you are now getting restricted once you have found to be engaging into cryptocurrency matters. Surely people living in Nigeria specifically talking about those who uses crypto and transacting through it will take this as a bad news for they are into a threat of bank accounts to be taken down for having involvement with crypto. It turns out to be inconsiderate having this policy for those people residing in Nigeria that are having crypto but since it is right into the decision of their government they have to obey that rule just to avoid possible sanctions related to it.

Lol this must be the dumbest central bank in the world, seriously how do you just start closing people’s accounts when you have not even given out a first warning to let them know that they shouldn’t be involved in crypto trading? They don’t just start closing people’s account without letting them know, it’s totally wrong, they should first warn them and give them time. I even saw a topic opened by someone living in Nigeria and he said someone there had his accounts blocked the same week they made this announcement.

Well, it’s their loss, because they will be losing big crypto companies like Binance, so that’s a loss a for them too. And it’s not like people there will stop trading crypto lol. I don’t know why governments always think that by banning crypto, they can stop money laundering, they have forgotten that having centralized exchanges helps them keep an eye on what’s going on in the crypto world, when they decide to ban all these centralized exchanges that means they will lose sight of everything taking place in the world.

It is actually lack of vital information of how the how the technology is been done, they are adamant and they are too proud to admit it. Banning or restrictions of bank accounts trading crypto is not the ultimate way to even stop the use of crypto in Nigeria. They lack logical reasons why they are regulating it. They already issued warnings to Banks not operate with exchanges, fine why the restriction of bank accounts susceptible to trading of crypto?

I think they will find a way, as long as crypto is not banned forever, they will somehow find a way. This is why we are seeing a surge in P2P transactions in the world, places like Nigeria where people can hold crypto but can't withdraw it to their bank accounts are making deals over the phone and someone wires them money and gets their crypto, that is how it is done these days. I know it is not the ideal way to do it, but it is at least a way to do it.

This is why I think not a huge deal will come out of this, as long as nations do not ban crypto as a whole, they can ban companies working with crypto and it will not be a problem. It is not going to be something that is easy and simple, but it is going to be something that will somehow save these people. Of course we could still see these people as under threat but at least they are not completely done.

I get it why banks hate cryptocurrency. I heard from a news before that a person from a nigerian bank considers cryptocurrencies as coins that dont have monetary value, thus creating the impression that cryptocurrencies are just scams that come from shady sources. The reason why they hate such things is because a bank needs to thoroughly investigate the beneficial owner on the account and the source of funds. If you have invested and cryptocurrencies and decide that you'll put it in a bank, the bank must be sure the funds are clean and not from illegal activities. If you’re account has a large balance for a short period of time, the bank has all of the compliance costs and headaches associated with a large customer without any of the profit incentives.

Trust me, this are my Government an I can tell you with confidence that they don't have any meaningful answer to why they took that decision other than to just clamp down on the youths plus what happened during the #EndSars protest. If not for hate, there are a way earn from this crypto trading that the people are involved in. Think of it, after the blockage of crypto operating Bank Accounts, the Government is introducing ‘Naira 4 Dollar Scheme’ for diaspora remittances. This means the recipients get 5 Naira for every $1 received.

Then the government should have been able to check that all crypto withdraw back to your Fiat account can also be made in USD may be instead of local Fiat and this would have boost what ever it is they are trying to achieve with this ‘Naira 4 Dollar Scheme’ even without giving the 5 Naira and I believe all Nigeria crypto traders would have liked this, a win win situation.

Not only Nigerian but many other countries are also hostile to cryptocurrencies, there could be problems governing these currencies in their own countries but if their governments continue to hold that stance. their people will be subject to those pressures, and there will be more reason to see a country that is always politically volatile to control its own currency.

I also think that I need to do something for the worst cases to happen, in the country where I live there is no clear issue of the laws governing cryptocurrency, and there have been many cases of banking frozen goods related to electronic money.

Yeah that has been the same with my country for long they have no laws on it. If you’re living in such a country it is always best to make use of P2P exchanges and avoid the problems that might arise tomorrow. Trust me the government can do anything.

You can take Nigeria as an example, they had no clear rules guiding cryptocurrency, and they even welcomed big crypto exchanges/companies into their country, such as Luno and Binance, and all of a sudden they declared it illegal and now blocking bank accounts of cryptocurrency traders. So anything can happen, that’s why I do my best in making sure that cryptocurrency transactions are kept secret and always P2P, that way I would not have any issues tomorrow.

This is shortsighted view and is popular among relatively poor countries, it is hard to tell why.
India as well is banning crypto, moreover it seems that they are banning crypto every second day.I thnik it is sad since they are losing valuable economic growth.

If the india going to ban a bitcoin or crypto. It will be blender done by the government,because bitcoin will rule the world economy. India a very huge people based economy, if you make and sell a product their. You will sold out maximum and should avoid the price reduction further.

We are talking about a country that tried to ban internet and computer (three decades ago). So it is not surprising that they are trying to ban cryptocurrency. And from what I have heard, as a first step they have blocked the IP addresses of various online wallets and cryptocurrency exchanges. These idiots don't even know that blocking IPs don't work nowadays. Anyone can access these sites using a VPN or a web proxy.

I think that the government understands everything, but their prohibition will have the character of a serious lever of control over the citizens of their country, as a very strong deterrent, if, of course, we are talking about criminal prosecution. Many people will of course take risks and use different methods to engage in activities in the cryptocurrency market, but there will also be people who will be afraid of breaking the law.

This is the reason why it's best to keep private all our crypto transactions for security purposes since we don't get full support from the government once crypto transactions is being mentioned. Nigeria will be closing lot of opportunities from crypto which most of the countries who have accepted bitcoin today are currently enjoying.

unfortunately in africa things like decentralization are a big problem for governments, because in africa the political parties that were responsible for freeing the countries from colonialism deceive the people with things like: patriotism, sovereignty and culture, when in fact they do not belong to the government they are patriots and all they have are things imported from other European and American countries, for example: African leaders import wines in their homes, but they keep telling the population that they should just like to consume the wine produced in Africa

African governments are afraid of bitcoin, I will give you an example:

In Africa, governments are able to control opposition parties by giving them little money for the election campaign

imagine if an opposition party invests in bitcoin and then gets a lot of money? this could make the opposition party win the elections, African governments know about this danger and need to control everyone to stay in power


countries where democracy and freedoms are restricted are where bitcoin is not welcome

There are many other alternatives that are providing P2P services without revealing the identity of the users involves in the transactions such as Remitano and LocalBitcoin which has the majority of their subscribers from Nigeria

Too sad, knowing they are spearheading the crypto revolution themselves. Personally I believe that there's something that's at play behind the scenes, which forced these Nigerian Banks basically rid of their customers. That being said, it could just be another banks vs crypto tussle, which doesn't need much reading between the lines anymore aince it was well-established from the past that those guys will stop at nothing to ensures cryptocurrencies die.

While the central banks didn’t approve this one? And I just read a statement that they fully support bitcoin, maybe this is an old news already. Banks are still governed by the government and for sure, if the government is against cryptocurrency, they’ll advice the banks to do this kind of threat to their customers. We’re lucky enough to have a supportive government, which is very rare to hear.

Yes, it's old news already. The government is changing its position towards bitcoin. Recently they said bitcoin trading wasn't banned in the country, just banks aren't allowed to keep accounts from customers who are traders. The statement is ridiculous, but it's the first step in order to change their opinion without saying they were wrong at first point.

I don't care much about the policy flip-flop as long as Bitcoin benefits in the end. Anyway, congratulations to the Nigeria government, for realizing that they need to adopt a more friendlier approach towards cryptocurrency. I just hope that the idiots in my country (India) understands this. The problem in many of the third world countries is that the governments depend too much on bureaucrats to make policies on sectors where they don't have enough knowledge. And that is the reason why they sometimes come up with stupid laws such as this one.

But the truth is, that has been their position from the beginning. The instruction was for Bank to block any account that has some form of crypto transaction and Not that they Have ban crypto trading in the country so I don't see any difference from what they said from the beginning and if they have put out any new statement now. All we want to hear is a reversal of the Blockage of crypto trading accounts by Nigerian Banks.

I'm sure crypto users in Nigeria are quite annoyed by the Nigerian government's decision to prohibit using Banks accounts to make crypto transactions.
Although the Nigerian government says it has never banned crypto trading, this is tantamount to the subtle rejection by the Nigerian government of cryptocurrency. But I believe crypto users in Nigeria must have found their own way to convert their crypto into fiat without going through a Banks
account. One of them is maybe Nigerians can use P2P platforms.

If that is the case in Nigeria, I think Nigerian people should look for alternative options such as peer-to-peer marketplaces e.g. Paxful, LocalBitcoins, Binance P2P, OKEx P2P, and other places to buy and sell cryptocurrency. The Nigerian government is ordering all the banks to stop dealing with cryptocurrency. I believe that is not a ban but a sanction from the central bank which instead they should regulate the cryptocurrency.

These bureaucrats always creating problems for the common citizens. I know this feeling.
But don't worry, sooner or later your government will understand it. They won't want to stay behind in crypto adoption with all the benefits it can bring to the country and to themselves. Those who use crypto currency have access to extra offer jobs and profitable investments. In the end part of this profit goes to the government receipt, as these citizens are going to spend more money on their daily life, consequently paying more taxes.

How can people deal with crypto if they can't use their bank account to convert the money to fiat later?
It's like the government forbidding all stores of your country from selling cars, while telling you: we didn't forbid anyone from driving a car, we just forbid car's sales.

Can you see the malice behind it?

This was a major challenge Nigeria's Crypto community faced which forced crypto traders to revert to the old way of buying and selling commonly known as "Peer to Peer (P2P)".

Several popular exchanges have implemented the P2P feature on their exchange. A typical example is Quidax which launched it's P2P platform weeks back.

Details can be found here : https://blog.quidax.com/make-way-p2p-is-live-on-quidax/

The problem with P2P is that you will be flooded with scammers, at least during the initial phases. When I was trading in Localbitcoins during my earlier days, I faced a lot of issues due to this. It takes a few months for a vendor to build up a good feedback score and earn a good reputation. During this time, a lot of people are going to get conned by the scammers. And the fact that cryptocurrency is in a grey area in Nigeria will make matters more complicated.

Binance could actually help a lot with that P2P transactions. Their current platform is a sure way on how people would not get scammed. People are only required to do transactions once they do their verification and set up multiple verification. They are only also required to do one account and most people are not even eligible to do transactions without going thru this sure way to confirm that the person doing that transaction is real.

This is probably the most absurd idea a bank should ever do unless these transactions are used by criminals. These will further force nigerians to have P2P transactions.

Well, you might be right, but not in countries like in Nigeria where anyone can just walk in and disappear lol.
If you’re going to be doing business with a random someone in countries like Nigeria, you should at least be careful to avoid getting scammed.

Let’s imagine you get scammed by the person, and okay, you know who they are, will you go after them yourself? Who are you going to call, the police? In a country where it’s illegal to trade crypto? Nah, people have to be careful. Although I saw someone post that people can now trade crypto, that their central bank has lifted the ban, but I don’t know how true that is.

Yes, they are indeed working to lift that crypto ban.

Nigeria’s securities market regulator is working with the country’s central bank to forge a way forward for the embattled industry.
Source: https://coingeek.com/nigeria-sec-working-with-central-bank-to-lift-digital-currency-ban/

This is a good new for those people who lived there involved with crypto.

This is good news for the cryptocurrency users in Nigeria and should be resolved soon enough. Since cryptocurrency is not illegal in Nigeria, it doesn't make any sense to close down the bank accounts that are indulging in Bitcoin trading. Either there is a communication gap between the bank officials and the government, or the bureaucrats and politicians don't agree on how to deal with cryptocurrency. And from what I have seen from India, the bureaucrats are the biggest obstacle.

The absurd thing is that money laundering pass under the nose of these banks and they enjoy the benefits of using the bank without worry because they don't use cryptocurrency. I don't know if they are are aware that they are hypocritical or they aren't because it is the tradition in their industry.

There's no new about it. Africa has a very bad economic growth in which we can see it reflects on their leaders know that there is a lot Ponzi scheme that has started there and the bad thing here is that even their government don't know how to resolve it. There are so many money laundering issues that have been stated in that country and I would not be surprised that Africa is one of the poorest countries all over the world.

Banks do not have the right to close crypto-related accounts because this state does not allow it. Closing a bank account damages the interests of citizens of this country. I believe that the Nigerian bank's job will be over soon until the government enacts crypto regulations.

for the implementation of the crypto, I don't think it's as easy as turning your palm. especially from the government that wants to shift fiat. we know that the applicable system is different, so it needs a lot of consideration from the government

Yes the government needs to consider because if nigerian banks close the accounts associated with crypto the nigerian people who use crypto will suffer a lot. Using cryptocurrencies has helped people avoid conversions making them somewhat easier but much more beneficial as a way to send money. It will take a long time to replace the banks because the banks think fiat currency is more profitable.

In my opinion Nigerian Banks made a bad decision. Rather than think about the negative things I think it will be better if they more focus on the positive things that their citizens can get from bitcoin and blockchain technology. I think this technology can improve and help a lot for their economic activity. They can make their own cryptocurrency and company related to it, so they can open more job vacancies. I hope they don't refuse to moving forward.

For them, it is not a bad decision because they are going to benefit from doing this kind of thing, they want control and they can find control with this one so they did it. Remember that crypto gives freedom so banks don't like it because they are going to be set aside. This will be temporary because they can't reject progress forever.

This is not a scam, it is true and there is some account that is actually some accounts that were close, suspended all in the name of crypto. Many people are still scared due to all this regulation in Nigeria but for some of us we need to do what we need to do

I heard the news in the afternoon but though it was lie until I saw it on the network news before believing it .Not any specific good reason behind the regulation at all hope it will be temporary one because many people who are using crytocurrency will be affected by it including me.I have been into cryto for five years and will continue to be for as many years as possible no regulation will make me abandon it but we still hope for the best and for our government to look into the matter again and do something about it.

some countries cannot legalize cryptocurrency to facilitate payments, but they can still release it by not eliminating the function of the local currency used. I think Nigeria is very unfair to take action to ban cryptocurrencies, they don't realize cryptocurrencies can provide promising business opportunities for their citizens.

I don't know what the Nigerian government was so worried about that it had to ban all transactions in crypto.  Whereas if you look further, rather than prohibiting and the people still transacting in silence, then this is far more detrimental to the state.  They can benefit from legalized ceypto transactions.  Such as the benefits from the tax side for state revenue and control over transactions that occur in their country.  these are some of the big points their government should look at.

Maybe you are thinking wrong about this, they cannot benefit because crypto tax is a source of income that they can hardly earn, covert and anonymity activities have concealed all the money shipped each day, if legalized, this would only be at a disadvantage for them while it would help more people evade taxes. The Nigerian banks understand the extent of the problem and they make such decisions to partially limit criminals to take advantage of this.

In my opinion, Nigerian government wants nigerian people to pay taxes by making exchange partner with the exchange so that they can earn. Even in my country where I use an exchange will decrease the amount of bitcoin you will receive when you sell your bitcoin and the price of bitcoin when you buy is the same as the current price e.g buy price - $60k and sell price - below $60k to which is serve taxes since bitcoin is not centralized. Let's hope that news won't happen.

If they are able to block the accounts of customers who are involved with crypto, then it will be very possible that they can create exchanges in their countries so as to create a mutually beneficial climate for both. If a transaction via an exchanger is allowed, the state can collect taxes on the transaction. Why do you say you can't, maybe you are the one who wrongly responded to my previous opinion. Instead of the state blocking crypto transactions and resulting in p2p actions that increase and cause losses to the state. So legalizing it is the best way in my opinion.

So from your explanation now is it safe to say that before this pronouncement by the Government, people where evading taxes since crypto was still been traded then? You even said it yourself, if "covert and anonymity activities have concealed all the money shipped each day" then crypto trading is not the problem because it is already happening with out crypto.
To me the whole thing about this Ban on crypto related Bank transactions is just pure selfishness and wickedness on the part of the Government. There is a lot more to gain for them if they thought it through than arm.
 

Don't know why the government decided to impose this law on us.Many of Nigerians youth are now into crytocurrency and are making lots of money from it.Regulations can be imposed but closing of all account involved with cryto is too harsh hope our government will look into this issue and lift this ban.

Well I am using remitano exchange for fiat nigeria bank accounts and easily swap with cheap rate usdt to ngn  (https://remitano.com/swap/ng/usdt_ngn?utm_source=ref-web&utm_medium=223co) it is quit well to swap and buying fiat currency easily you can withdraw. Nice platform. Yes for nigeria market i recommend. Remitano is a bitcoin exchange and trading platform allowing you to buy, sell, trade bitcoin, other digital currencies, and Fait Currencies too.