The CBN instruction to Nigerian Banks is POLITICAL and government SELFISH reason

[Gozie51]

After I heard the news and circular flying around the Nigerian crypto space that the CBN has instructed banks to close down cryptocurrency accounts;


I have made google my close friend for the pass 24 hours, searching to see any reason related to the decision. Although no media house or government financial parastatals have given such needed reasons but from my study, I have deduced from individual comments and body language as SELFISH REASON. It is purely wickedness, myopically planned and meant to witch hunt certain people, otherwise how would that Nigeria Launches Digital Portal and Mobile App in September and nearly 4 months , coming down on a sector that will certainly ensure proportional growth of the digital economy and industry. I can't rap my head on the Nigerian system. How can a country grow this way?

From my ravage on google anyway, I saw a reason linking the decision to:
1. Protecting the Naira as the fiat is largely converted into cryptocurrency.
I saw another reason which happens to be the stronger point for me, that which is supposing that:

2. The #ENDSARS protesters made use of crypto channels in release of funds to execute the protest and this is a reason to come up with an obnoxious selfish agenda.

In dissecting these reasons, the first point in relation to the naira from collapsing is nothing to discuss. It holds no brief for the government. The Naira has been on free fall since 1960, during the Nigerian civil war that lasted 3 years and during the first Republic in 1963. The Naira saw her worst falls beginning from the era of Democratic regime in 1999 with high levels of money laundary to foreign lands by Nigerian governments and politicians. Solutions to building the Naira is not far from a reasonable Nigerian mind and politicians and that is simply the tenants of good governance that will increase exportation rather than depending on importation of products that are taken away as raw materials in Nigeria (Appalling). To remind us, Nigerian is still battling to build a functional crude oil refinery

So, to number two point which I see as major reason as The CBN directive comes just months after protesters in Nigeria used bitcoin to raise funds after authorities reportedly shuttered bank accounts associated with the movement., the Nigerian government have been on the case of some #endsars individuals and have confiscated some of their belongings including frozening their fiat accounts with the bank. I have no doubt again that this is another move to frustrate certain people.

If a government wakes up to a decision against certain progressives , it means the masses and larger population will keep going down by the day. The government need to have a decision to grow with modernity.

[Charles-Tim]

In dissecting these reasons, the first point in relation to the naira from collapsing is nothing to discuss. It holds no brief for the government. The Naira has been on free fall since 1960, during the Nigerian civil war that lasted 3 years and during the first Republic in 1963. The Naira saw her worst falls...

Naira was equals to 1 Pounds Sterling when she became a republic, and naira was having a price higher than dollar at the time. But, naira devalued and continue devaluing and now at $390 to a dollar. A country that depends on importation than exportation while crude oil is more than 70% of their yearly total export annually. They do not focus on how to be a good exporting country but import more while nothing good done than to ban crypto assets in the country.

2. The #ENDSARS protesters made use of crypto channels in release of funds to execute the protest and this is a reason to come up with an obnoxious selfish agenda.

Sorry to be a little bit political with this view. The recent ruling political party, APC are known to one thing, which is lack of democracy. We know how they are not innocent and how they published fake rival party, PDP members and tagged them as embezzlers but not proven while the country has continue to sink since the started of their governance. International monthly spending of $5000 before was changed to $100 during their time, the country GDP which was higher in 2016 decreased significantly and has never reached the highest ever which was in 2016.

If a government wakes up to a decision against certain progressives , it means the masses and larger population will keep going down by the day. The government need to have a decision to grow with modernity.

I doubt anything good could possibly happen because Nigeria means of governance and ways of managing the economy might make Nigeria poor the more. Nigerians should not hide how this current government has been so incapable to rule while maintaining failing old ways that c is crippling the country. Because of EndSARs, they ban cryptocurrencies, not because of anything good, but political.

Because people are complaining about the worst situation of the country's economy, even singers an many more celebrities were among, then the government make constitutional law for hate speeches that people of such will be fined and pay huge amount of money. Just because they want to be authoritative and know their governance is bad. There is always lack of democracy since the start of this present government.

Because of end EndSARs, they ban cryptocurrencies, just because they do not want youths to have freedom to express their mind, to express what they are feeling.

Instead of the government to focus on how to improve the economy and development, but focus only on the political side on how to make Nigeria more authoritative and leaving their main purposes which are good standard of living and development. With the population we have, we are still much far behind, an getting farther behind from developing.

[Vatimins]

     This is so infuriating. Involving people who are unaware of their personal issues resulting to a country being dragged down by its very own leaders. Nothing can be more sickening tham this. The audacity to commit such acts just because of stupid reasons, how childiycan these leaders be? Just because of a petty fit, you compromise your country and your people. Who else is to blame if not the leaders and their political party? If you want to shut people up do it the right way or don't even do things that you know are wrong and would not benefit the majority. You were elected for a reason, and that is to serve the people and not yourself. I wish these damn leaders would think more before doing sh*t.