Nigeria’s central bank forced to deny claims of crypto account freeze

[Charles-Tim]

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


This is the fake circular:



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

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

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

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

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[Cryptoprincess101]

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

Okay now that they have succeeded in bringing Binance to a hault, are they also trying to move over to other exchanges as well? Just like the news on this thread After Binance: BYBIT and BITGET how long will they continue to look for solutions in the wrong places?

[Marvelockg]

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

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

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

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

[Doan9269]

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


This is the fake circular:



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

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

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

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

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

[Amphenomenon]

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

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

Confusion occurred when the central bank denied the story on X but then deleted the denial. Some hours later they claimed the allegations were indeed false.

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

[Frankolala]

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

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

[Jegileman]

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

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

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

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

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

I believe this have made the exchange people to start increasing the price of dollars. As I am writing this post, the cost of 1usd to Naira is #1320, at yesterday, it was 1220,and at on Monday, it was #1150.

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

[DubemIfedigbo001]

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

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

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

[Marykeller]

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

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

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

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

[Davidvictorson]

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

[Majestic-milf]

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

[Justbillywitt]

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


This is the fake circular:



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

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

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

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

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

[Pi-network314159]

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

[Charles-Tim]

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

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

[Obari]

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

[Cryptomultiplier]

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

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

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

[Wiwo]

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

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

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

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

[Igebotz]

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

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

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

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

[Antotena]

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

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

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

[Charles-Tim]

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

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

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

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

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

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