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Author Topic: Is the Nigeria Central bank confusing its citizens?  (Read 291 times)
vintages
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March 23, 2021, 08:07:48 AM
 #1

Earlier last month, there has been an uproar from many about Nigeria's Central bank on its decision on cryptocurrency among Nigerian citizens. This led to panic among cryptocurrency investors in Nigeria, as the CBN directed that trader's accounts in Nigerian banks should be closed.

In a recent report released on March 22nd, the CBN says they are not discouraging citizens from trading or making use of Bitcoin. But it only told the banks to close accounts that had traded cryptocurrency

https://www.coindesk.com/nigeria-central-bank-bitcoin

If the citizens are free to trade cryptocurrencies, how will it be possible without making a transaction to or with their local banks? Of course, it might be possible with the P2p transaction. But what is the need of encouraging them, when you will still close their accounts?

Now my question is, why all this confusion? Isn’t the CBN confusing Nigerian crypto traders?
I feel they didn’t think this through before releasing their ban statement in February with their wild claims.

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March 23, 2021, 09:01:45 AM
 #2

I think it wasn't really their intention but considering that the days in between the on and off relationship of CBN towards cryptocurrency is short, this might have caused some accidental confusion towards the cryptocurrency users in the country but I might be wrong and that there was a conspiracy that they really did plan to confuse the people in the first place to make them not get into crypto because there is an uncertainty.

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March 23, 2021, 09:32:33 AM
 #3

If the citizens are free to trade cryptocurrencies, how will it be possible without making a transaction to or with their local banks? Of course, it might be possible with the P2p transaction. But what is the need of encouraging them, when you will still close their accounts?
Accounts involved in cryptocurrency trades through peer to peer platforms cannot be restricted neither can they be closed by the central Banks as their source is unknown.
When deposits or withdrawals are made through regulated exchanges it is reflected in the banks to be affiliated with cryptocurrency, but in peer to peer transactions it is simply reflected as an exchange between two individuals, which could be from any means and hence Banks can't interfere.





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March 23, 2021, 09:59:47 AM
 #4

Banks are quite oppressive to cryptos anyway. On one hand, if I think about it, allowing BTC usage only off-banks sounds good, lol. The less we use banks, the better.

It does probably sound confusing to the avg person indeed. If banks are bound to close all accounts trading crypto, it means most txs will go offline. I'm quite sure a government would rather have txs they can control (banks are perfect for that) than barter and offline p2p ones. I guess they're going to come out at one point and clarify their statements, because this sounds quite weird coming from a gov..

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March 23, 2021, 10:15:29 AM
 #5

It is true, this statement is a polemic and a dilemma for Nigerians, as well as the government and the central bank will give half hope and the rest are question marks. This should not be tolerated, because the government's position needs to provide a statement that is legitimate and accepted globally. It is like making a circle but only obscure scraps of paper. doesn't this seem floating, Nigerian society is being toyed with. they said last week that they would open a cryptocurrency exchange, but a few days ago they gave a vague statement.
this is to the detriment of the bitcoiner there. Certainty needs to be enforced, not to become a statement that ultimately only hangs in vain hope.

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March 23, 2021, 12:04:58 PM
 #6

I think they basically say, "Trading cryptocurrency isn't illegal, but violate our terms and conditions". Trader will be forced to learn P2P trading, switch to another bank (which allow cryptocurrency activity) or stop invest on cryptocurrency.

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March 23, 2021, 04:26:52 PM
 #7

I guess CBN or any bank just doesn't want to get involve with cryptocurrency at all but still let people get cryptocurrencies. I don't think there's anymore meaning to this and they really mean it as they've released a statement regarding this. They just don't condone the use of cryptocurrencies because “Due to the fact that cryptocurrencies are largely speculative, anonymous and untraceable they are increasingly being used for money laundering, terrorism financing and other criminal activities,” which is absurd if you think about it since fiat has been doing these activities for decades.

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March 23, 2021, 06:23:28 PM
 #8

I think they basically say, "Trading cryptocurrency isn't illegal, but violate our terms and conditions". Trader will be forced to learn P2P trading, switch to another bank (which allow cryptocurrency activity) or stop invest on cryptocurrency.
Although, I like the reason why Central Bank of Nigeria governor said this week that cryptocurrencies are not banned in Nigeria, some Nigerians can think cryptocurrencies are banned but not. Only crypto institutions are not just allowed to make transactions with Nigerian banks as the transactions are crypto based. Also, CBN can not go beyond its capability, only what they can do is to look for ways Nigerian banks will not make deals with crypto institutions. So, the CBN governor do not have power to ban cryptocurrencies generally in the country, it is not even possible. Such total ban will likely come from Senate while president will have to sign the bill, but that can even never happen.








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March 23, 2021, 07:11:01 PM
 #9

Yes, it's really weird. It looks like the crypto story with India.

It almost looks like they are following a trend of other countries without taking into consideration other possible benefits of crypto or its effect on its citizens.

I think they basically say, "Trading cryptocurrency isn't illegal, but violate our terms and conditions". Trader will be forced to learn P2P trading, switch to another bank (which allow cryptocurrency activity) or stop invest on cryptocurrency.

Since CBN controls all the banks, it's more like the chief of all local banks. I don't think there will be 'any' banks that will be willing to accept or allow it users to trade with any exchange. They risk been scantioned.
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March 23, 2021, 09:44:22 PM
 #10

The fact is one can not blame the central bank on it decision because cryptocurrency is a new innovations and at that the central bank need to study and fine a way of regulating it activities within the financial system, but the truth is no government can actually stop the usage of crypto but the CBN did this to protect the naira from further devaluation that is already happening and stop scamming activities that are carried out with the help of cryptocurrency.
I do it think we should not blame the CBN, even when banks transactions to or from crypto organizations are banned now, p2p are now used. The so called fraud will soon be done using p2p which is even more safe. What the CBN should do is to regulate, not ban crypto transactions into banks in Nigeria.


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March 23, 2021, 10:12:06 PM
 #11

Perhaps they are not just clear on their crypto regulations, sort of in the grey area as far as I understand. The good thing is that crypto trading is not illegal, but traders need to be careful on how to exchange their crypto to local fiat as they are not allowed to use local banks. Maybe Nigerians need to find a way to sort of 'exploit this loophole', like using p2p or other methods.

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March 24, 2021, 12:04:26 AM
 #12

Politics my friend, the art of trickery and deceitfulness... It's like the government confiscated all the bicycles of the country and suddenly they told you: well, we didn't forbid anyone from riding a bycicle, we just confiscated all of them...

It makes no sense, right? But there must be a hidden reason behind all this nonsense that will become very clear soon. So keep watching the next episodes.


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March 24, 2021, 12:13:43 AM
 #13

This is like India all over again to me, lots of confusion, even the parliament debated about it. As for Nigerian government, we don't know if they intentionally did it or not, perhaps they themselves are also confuse in the beginning, LOL.

So for our Nigerian crypto traders, you have to read between the lines, you don't want to be caught in the middle because of this misleading circular coming from CBN.

.
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March 24, 2021, 10:00:16 AM
 #14

Politics my friend, the art of trickery and deceitfulness... It's like the government confiscated all the bicycles of the country and suddenly they told you: well, we didn't forbid anyone from riding a bycicle, we just confiscated all of them...

It makes no sense, right? But there must be a hidden reason behind all this nonsense that will become very clear soon. So keep watching the next episodes.
Perhaps they are not just clear on their crypto regulations, sort of in the grey area as far as I understand. The good thing is that crypto trading is not illegal, but traders need to be careful on how to exchange their crypto to local fiat as they are not allowed to use local banks. Maybe Nigerians need to find a way to sort of 'exploit this loophole', like using p2p or other methods.
I believed the central  Bank top officials don't really have an in-depth knowledge of how cryptocurrencies operates and took a hasty decision by banning it, they later realised that  that had goofed having researched about it and later the Nigerian vice president later made a positive comment about cryptocurrencies on how it potentials can be harnessed which made the central bank to be retraced their earlierr statement.

.
.Duelbits.
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March 24, 2021, 12:11:10 PM
 #15

I think they basically say, "Trading cryptocurrency isn't illegal, but violate our terms and conditions". Trader will be forced to learn P2P trading, switch to another bank (which allow cryptocurrency activity) or stop invest on cryptocurrency.

Since CBN controls all the banks, it's more like the chief of all local banks. I don't think there will be 'any' banks that will be willing to accept or allow it users to trade with any exchange. They risk been scantioned.

I agree, i was thinking on foreign bank which welcome Nigerian. However, i don't know how many foreign bank which welcome Nigerian since quick search shows there's sanction/sanction threat to Nigeria.

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March 24, 2021, 03:17:56 PM
 #16

I believed the central  Bank top officials don't really have an in-depth knowledge of how cryptocurrencies operates and took a hasty decision by banning it, they later realised that  that had goofed having researched about it and later the Nigerian vice president later made a positive comment about cryptocurrencies on how it potentials can be harnessed which made the central bank to be retraced their earlierr statement.
It could be. It really seems they regret about the first decision of forbidding national banks to deal with crypto currency, but they are too proud to admit it was a mistake.
Maybe just now they start realizing how profitable can be for the country and for the government to adopt a more friendly stance regards bitcoin in Nigeria.


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March 24, 2021, 04:05:43 PM
 #17

It seems like they are pushing traders on a trap. They would appear lenient and neutral at the matter, at face value, all the while ordering banks to suspend and close accounts of traders who used their bank accounts to trade crypto. This, to me, is a kind of manipulation and deception since the CBN and the government wants to be the 'good guys' while doing their part in the dark alley, enforcing this rule onto the local banks for the traders to not have any option but to stop trading.

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darewaller
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March 26, 2021, 07:03:11 PM
 #18

Lol Grin what kind of central bank is this? I’ve been following up with this news and I am very sure that they closed bank accounts of cryptocurrency traders and I have seen this news as of recent, I think last weekend and I just laughed about it.

How can they just turn on what they have said, while they gave our orders to banks to close accounts trading cryptocurrencies which a lot of people saw their statement, so why are they now saying they didn’t try preventing traders from trading cryptocurrencies when they actually did it. It is totally wrong, so are they now encouraging people to start trading cryptocurrency again or what exactly?

I guess they are now regretting the actions they took, they should have taken time to consider it. And it’s good they now know that they can’t ban bitcoin, people will quickly switch to P2P.


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March 26, 2021, 07:40:56 PM
 #19

The Central Bank is not only clueless with her decisions, they are so inhumane and  wicked. Imagine labelling the whole Bitcoin transactions as a medium by which terrorists operate and buy ammunitions in Nigeria as if it is not very possible with the banks as well, Bitcoins transaction transaction is an open source that can be used by anyone. They had been Militia attacks in the South South region of Nigeria before the introduction of bitcoin, how were those terrorists able to carry out their attacks? They have said in a statement released by;
Quote
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector

Imagine Banks in other countries have started adopting the use of crypto in their sector, here in Nigeria the Central Bank is closing down the accounts of traders, where as companies like Binance, Crypto.com, Luno, Paxful and several others will start laying off some of thier services in Nigeria which will render a lot of youths working with those companies jobless.

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March 26, 2021, 08:23:09 PM
 #20

the CBN did this to protect the naira from further devaluation that is already happening and stop scamming activities that are carried out with the help of cryptocurrency.
If the CBN wants to protect the Naira, it should encourage an export styled economy and make loans readily available to those who need them to go into agriculture and manufacturing rather than the import module Nigeria runs. When a country depends on other countries for her supplies to feed her citizens, that country will be left at the mercy of those other countries. And this makes her currency suffer. That's the situation with Nigeria.


I do it think we should not blame the CBN, even when banks transactions to or from crypto organizations are banned now, p2p are now used. The so called fraud will soon be done using p2p which is even more safe. What the CBN should do is to regulate, not ban crypto transactions into banks in Nigeria.
Fraud is as old as mankind. It's even older than the days of cowries and fiat. A lot of fraudulent activities occurred with the above medium of exchange but that didn't get them banned. I blame the CBN in all ramifications for such confusion on its stance on cryptocurrency. Emefiele shouldn't have dabbled into what he doesn't know its modus operandi in the first place. Also, remember that more people have been scammed through Fiat usage than crypto. So, why the hullabaloo on crypto by various governments if not that it tends to take away financial power from them and transfer it to the masses. That's the simple truth.

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