The bitter reality

[Gozie51]

Oh....This Nigeria
, you want to bring yourself into retrogression
Nigeria, you don't want to join the crypto progressives

You have left your business of human development but create confusion

in the minds of your subjects.

Nigeria, with Shenanigans in government
The youth only left with promises, told of being the leaders of tomorrow. All
promises in valley rift.

Nigeria, you keep cutting off the promises of tomorrow
You shut the youth off from cryptocurrency, the tomorrow we know

Nigeria, with the second position in the bitcoin market

But you never care for tomorrow
Institutional investors are looking into different crannies to invest but you shutting your windows

The blues of the Nigerian song, is turning into sadness in the faces of the Nigerian crypto enthusiasts
The dreams of the youth, cascading into flowing rivers of oblivion.
Alas... Where lays the hope
The marriage of Nigerian crypto community and P2P is our succour.

[Mpamaegbu]

I like the lure of the OP's post; it's lyrical to say the least. At such a time, Nigerians need a subtleness that should bring peace to their troubled hearts and souls, and a total departure from pain occasioned by the ineptitude of corrupt politicians. If only the CB of Nigeria headed by Godwin Emefiele (who is sadly dancing to the discordant tunes of the powers that be) knew that not even China with all its intelligence has been able to stop Bitcoin, he would speedily adjust to supporting anti economic policies of the Mohammadu Buhari led administration.

[ChiBitCTy]

I am sorry to see this and this kind of stuff just absolutely sickens me. I hate countries trying to hold back its citizens from progression. From what I’ve heard and read, banks can’t be trusted so much there. Cryptocurrencies of course then become such a savior of sorts.

Well you can still buy/sell/trade on a decentralized exchange or over the counter right ?

[wxa7115]

I am sorry to see this and this kind of stuff just absolutely sickens me. I hate countries trying to hold back its citizens from progression. From what I’ve heard and read, banks can’t be trusted so much there. Cryptocurrencies of course then become such a savior of sorts.

Well you can still buy/sell/trade on a decentralized exchange or over the counter right ?

I suppose he can but the first thing that he needs to do is to recover the money that he had in that account, there have been many examples in the past of people that once their accounts got closed they had lots of trouble to get that money back because now they needed to demonstrate where and how they got it.

What I always find it amusing to say the least is the hypocrisy of those institutions, the bank closed his account for its link with cryptocurrencies and at the end of the email you can see that despite the huge inconveniences that they are causing him they still claim that they will be happy to serve him in the future, which is completely ridiculous, I'm pretty sure that if that happened to me I'll never have an account with that bank ever again and I'm pretty sure that I'm not alone when it comes to that train of thought.

[aesma]

Any institution in Nigeria complaining about unregulated stuff is taking the piss, nothing is regulated in a corrupt country like this. The country is oil rich but most people don't benefit from it, instead they get oil pollution everywhere because politicians don't enforce laws and take bribes instead.

[Darker45]

I'm so sorry for you. But I guess you guys will find a way to do away with banks, right? Who needs banks, after all? It seems they are helping you to stay away from them. You are definitely getting there, anyway. It's just that things would have been gradual. Now, it is being accelerated thanks to them.

Government actions like this one reinforces the argument of Bitcoin. The more the government clips the wings of its youth, the more they will find a way to rise and fly.

But I guess this is temporary.

[jossiel]

I'm sorry for those crypto folks living in Nigeria. This is really sad that the government stops you from getting help to survive and help through cryptocurrencies. We may need some services from the bank but I'm sure you'll find a way to replace them.

Why don't they look to the feedback of their people that have been experiencing good fortune and life trading and relative attachments to cryptocurrencies?

[youdacapt]

This is a sad reality for folks down there in Nigeria; but after reading through, i think only the government would be missing out; so do not panic and instead look towards the positives. With p2p, you get to convert fiat to crypto currency and vice versa without any charges; while government misses out on the tax they would normally get. Bitter but for the main time, good.

[avikz]

I am really sad to see your thread and unpleasant experience you have faced due to the regressive legislation agaisnt cryptos  cryptos in your country. Unfortunately, my country is also on the verge of announcing such legislation against cryptocurrency. So I am sure a lot of us will probably see such emails coming from our banks! It's good that your bank didn't freeze your money. In my country, banks are planning to freeze the accounts with all funds in it! We are yet to see that in action but that's an imminent future for us!

[Bttzed03]

~ Well you can still buy/sell/trade on a decentralized exchange or over the counter right ?

I suppose he can

Binance Nigeria immediately halted Naira deposits upon announcement but they still offer it on their P2P plaform - Binance Adds NGN FIAT/NGN Pair and Launches Express Mode for P2P Trading in Nigeria

What I always find it amusing to say the least is the hypocrisy of those institutions, the bank closed his account for its link with cryptocurrencies and at the end of the email you can see that despite the huge inconveniences that they are causing him they still claim that they will be happy to serve him in the future, which is completely ridiculous,

The way I see it, these smaller/commercial banks were already lenient with their users that were involved in crypto until the CBN reminded them of the previous circular and directed them to enforce it.

I'm pretty sure that if that happened to me I'll never have an account with that bank ever again and I'm pretty sure that I'm not alone when it comes to that train of thought.

You'll never be able to open if that's the case because all banks are instructed to close crypto related accounts.

[meanwords]

Don't lose hope. From what I've heard, it's only the Central Bank of Nigeria who is against Bitcoin but their SEC is actually willing to adopt cryptocurrency. Who knows, maybe one of this days the government will actually try to do something about this that banks can't go against. It's unlikely but I'm sure the people of Nigeria wouldn't just let cryptocurrency go.

[BIT-BENDER]

Don't lose hope. From what I've heard, it's only the Central Bank of Nigeria who is against Bitcoin but their SEC is actually willing to adopt cryptocurrency. Who knows, maybe one of this days the government will actually try to do something about this that banks can't go against. It's unlikely but I'm sure the people of Nigeria wouldn't just let cryptocurrency go.

I can say it's all a propaganda, I can't believe that only the central bank made the decision to ban crypto-currency in Nigeria, they way it is, the decision was conceived with alliances from the Central Bank and Nigerian politician at a time to frustrate Nigeria youth and crypto-currency users, as now I don't care if the make any decisions to overturn it, luckily enough crypto-currency can't be held back by government.

[mersal]

At least they are not with holding any funds left in there, user who face such closure can avail any balance left in there. Maybe this will change in future but as for now Nigerian cryptocurrency community people should avoid converting their cryptos into fiat and better convert them into a stable coin.

[DoublerHunter]

Don't lose hope. From what I've heard, it's only the Central Bank of Nigeria who is against Bitcoin but their SEC is actually willing to adopt cryptocurrency. Who knows, maybe one of this days the government will actually try to do something about this that banks can't go against. It's unlikely but I'm sure the people of Nigeria wouldn't just let cryptocurrency go.

^ I also heard this, just probably because of the political way of their government, sometimes guessing their action towards cryptocurrency is very easy to determine what is the purpose of banning. Hopefully, from time to time, the Nigeria government will realize soon that banning BTC is not the answer that people they will prohibit their citizen not to use cryptocurrency, it is probably their belief.
Nevertheless, there is one good news here, Nigeria was able now to have awareness by most people and this will probably lead to a massive investment.

[iamsheikhadil]

Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!

[cabron]

Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!

Its the first that we know. Just imagine if you have been trading for years and then suddenly when you send money to your bank account from exchange, your bank decides to freeze your bank account for you have dealt with cryptocurrency. I hope it won't happen anywhere else but we sure could be seeing this is just an experiment in Nigeria whether CBN really could stop BTC. Now its time the community stand together.

[iv4n]

Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!

Its the first that we know. Just imagine if you have been trading for years and then suddenly when you send money to your bank account from exchange, your bank decides to freeze your bank account for you have dealt with cryptocurrency. I hope it won't happen anywhere else but we sure could be seeing this is just an experiment in Nigeria whether CBN really could stop BTC. Now its time the community stand together.

They can't stop BTC! What they are doing with this is slowing down the progress of the people who live there! I already wrote about this, but there's no harm in repeating it... When the government bans something that people use, people will find some illegal ways to continue with their actions! From normal people, they will create criminals... people will do shady things, and when it's shady it means it will not be any kind of security other than you create it for yourself...somehow.. but that is another topic!
When governments turn into a dictatorship normal people get hurt! Sharks have their momentum!

[verita1]

Sorry OP for the terrible decisions that the government of your country has made to prohibit them from trading bitcoin.
Do not lose heart, stay strong you will win. You could be the first country to adopt bitcoin without intermediaries. Only P2P when acquiring goods and services directly through cryptocurrencies. The Central Bank of Nigeria will regret the damage it is doing to the future of the country. If young people are defending their future because the present has an uncertain perspective.

[michellee]

I hope they can have optimistic that they can still use bitcoin. As long as the government is not shut down the internet connection, people can still search for other ways to use bitcoin, which will only be a matter of time for them to find out that way. The government can not hold their people using crypto, especially if their people can see the chances to make money from crypto. I hope the government can see the benefits of crypto to their people and not banning or prohibit their people from using crypto.

[iamsheikhadil]

Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!

Its the first that we know. Just imagine if you have been trading for years and then suddenly when you send money to your bank account from exchange, your bank decides to freeze your bank account for you have dealt with cryptocurrency. I hope it won't happen anywhere else but we sure could be seeing this is just an experiment in Nigeria whether CBN really could stop BTC. Now its time the community stand together.

Even if they freeze the accounts, legally they can't really hold on the money unless they can prove in court about any illegal activity other than just involvement in crypto I guess. So the issue isn't about money getting stuck, more like a slap for something that was very normal very recently obviously sounds disastrous! I do however feel very optimistic that these moves will eventually be fought and defeated once the community speaks about it louder!