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

[Wiwo]

Edited out

For Naija, anything can be faked at any time, so yes you are correct with that statement of even social media handles and even newspapers outlet to be subject or tools for fake news, but none the less it is easy to avoid being feed with those fake news such that you only follow the verified handles of the agency and not just any handles bearing such agency's name, do the later will definitely lead you into subscribing to fake handles.

Although it is also easy for a ready to verify a news if you can check it out on one or two platforms before believing them as real, such that if you read a news on pounce,  it be better to follow-up such news details on sun news paper or even on TV, Nigerians with fake news peddling na 5/6 so we all have to be careful what we feed out minds with.

[AVE5]

I've not been aware of such but in the main time let's not just stamp it to be fake but assuming any possible tendencies of actions by the rumour.
By so doing, let those of us who're bitcoin and Crypto enthusiasts take an immediate alert on the information and strategize on alternative source of accounts by which even if the policy is taken to actions, it wouldn't bound us down to proceed with my transactions.
We're Nigerians and knows so much about possible and impossible facts by which our governments can just stupidly take drastic actions without considering the society and the economy effects.

Thanks for sharing Sir.

[Igebotz]

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.

It's impossible to track or tell what transactions comes from crypto sales and going for crypto buy but our Government will always want to be stupid. Just early this year the CBN released a memo concerning Crypto about transacting with regulated crypto Nigeria firms if I'm not wrong. We also thought that Naira withdrawal was coming back to exchanges after that memo. The only thing I was waiting for after was the lift of ban on our Naira card for international shopping. Everything just turned opposite now..

Our media space are not duly regulated and allows too many fake News to fly around.

[Coyster]

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

I was just about to say the same thing, sometimes i wonder what is wrong with this country and our institutions, with every decision and policy they make, it shows how confused they are. Just like you, i also thought they were going to become more friendly with crypto when they lifted the ban on deposit banks not handling crypto transactions. Fast forward to a few months after, they are chasing every centralized exchange, arresting their reps, going after irrelevancies and as usual refusing to tackle the problem of the country from where it stems.

[Uhwuchukwu53]

I've not been aware of such but in the main time let's not just stamp it to be fake but assuming any possible tendencies of actions by the rumour.
By so doing, let those of us who're bitcoin and Crypto enthusiasts take an immediate alert on the information and strategize on alternative source of accounts by which even if the policy is taken to actions, it wouldn't bound us down to proceed with my transactions.
We're Nigerians and knows so much about possible and impossible facts by which our governments can just stupidly take drastic actions without considering the society and the economy effects.

Thanks for sharing Sir.

That is just the facts our nation her most rumour is liable to be the truth, everything remain allegedly at the end it will amount to be truth making haste while the sunshine is the best because the worse is to be cut at a point where one have no plan ahead it's better to have alternative plan before hand weather it happens or not to avoid the story that touch because is very hard to hear anything called truth that which is tags rumour is always the truth at the end. Already allot of action has been taken by the government the issue of arrested biance official, the ban and lifted ban, I see the lifting ban as strategy to capture crypto investor enthusiast, but one thing is sure they can't fight the battle of eliminating crypto space and won because allot has taken place the information on citizens towards crypto can't be stopped.

[Belarge]

I was just about to say the same thing, sometimes i wonder what is wrong with this country and our institutions, with every decision and policy they make, it shows how confused they are. Just like you, i also thought they were going to become more friendly with crypto when they lifted the ban on deposit banks not handling crypto transactions. Fast forward to a few months after, they are chasing every centralized exchange, arresting their reps, going after irrelevancies and as usual refusing to tackle the problem of the country from where it stems.

Our country will always be the blessed motherland for everyone. Don't ever bring varying ideas for a firm knowing full well you can handle the top job offered. What's actually wrong with the government? They ought to face the main problem they're having been hiding for long. The country is entirely moving on its own because cryptocurrency have been the major source of income for young Nigerians in the system but there's always a way to sort things out. Nigeria is one of the most complicated country when it comes to cryptocurrency dealings.

[MainIbem]

Our country will always be the blessed motherland for everyone. Don't ever bring varying ideas for a firm knowing full well you can handle the top job offered. What's actually wrong with the government? They ought to face the main problem they're having been hiding for long. The country is entirely moving on its own because cryptocurrency have been the major source of income for young Nigerians in the system but there's always a way to sort things out. Nigeria is one of the most complicated country when it comes to cryptocurrency dealings.

I love this statement of yours Belarge, Nigeria is a great nation and i think just like other great nations like the USA and others Nigeria is under a phase and would get to their standard in the future, though this present government might be making things tougher for the citizens currently, especially the youths but I urge everyone to remain calm and let's pass through this phase together, it won't last forever  and  I am pretty sure that things would get better. One thing i love about Nigerian youths is that we're very hardworking and ambitious and we'll always find a way to scale through hard times. The government can try all they can but very soon they'll discover they're making the wrong decision cause cryptocurrency as a digital currency is the modern day money and probably the future of money. They can try so hard but they won't destroy the future.

[AVE5]

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

I was just about to say the same thing, sometimes i wonder what is wrong with this country and our institutions, with every decision and policy they make, it shows how confused they are. Just like you, i also thought they were going to become more friendly with crypto when they lifted the ban on deposit banks not handling crypto transactions. Fast forward to a few months after, they are chasing every centralized exchange, arresting their reps, going after irrelevancies and as usual refusing to tackle the problem of the country from where it stems.

To me they're not confused rather they're only playing greedily. Those banning and unbanning of crypto transactions to be facilitated and not being facilitated in the banks was just to test run how they could penetrate having access control over the crypto but unfortunately for them it didn't work as thought.
They alternated in billing Binance unfortunately too they refused to comply so every mode of crypto transactions just got locked up to them with zero benefits.

If they had succeeded in gaining that access control on bitcoin we'd had been doomed conditionally with their own terms and conditions that's to say we wouldn't enjoy the decentralization modernity of the bitcoin anymore.
So let's believe that they knows what they're doing but they're just acting desperate and grieves with the decentralized technology.

[Igebotz]

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

I was just about to say the same thing, sometimes i wonder what is wrong with this country and our institutions, with every decision and policy they make, it shows how confused they are. Just like you, i also thought they were going to become more friendly with crypto when they lifted the ban on deposit banks not handling crypto transactions. Fast forward to a few months after, they are chasing every centralized exchange, arresting their reps, going after irrelevancies and as usual refusing to tackle the problem of the country from where it stems.

To me they're not confused rather they're only playing greedily. Those banning and unbanning of crypto transactions to be facilitated and not being facilitated in the banks was just to test run how they could penetrate having access control over the crypto but unfortunately for them it didn't work as thought.

This is not a test run - You haven't falling victim yet doesn't mean there are not victims. This restrictions has been on for ages and only few of us in the space know what algorithms banks are using to track defaulters.

[Uhwuchukwu53]

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.

This speak volume in my heart it's no longer news that everything in our nation when leak is tagged a fake or allegedly, weather it's fake or real all we need know is that solution or other strategy to those who are still holding more fiat in their bank account should be applied quickly since the direction of how this government is going after crypto is not yet know to avoid leaving in a point of no help of honey when you have what it take care of yourself.

[Zanab247]

I can still remember what one female senator said in the Senate house few months ago, that they are not the ones that brought cryptocurrency into Nigeria and they will not be the one to stop what they don't no about, which is a sign that many of the senators are into cryptocurrency investment.

I don't think banks managers can give the central bank all their customers that transacted with cryptocurrency in the past years, and even Bank managers will also fall victims to that punishment because many of the bank managers will be involve too.

The past administration couldn't stop cryptocurrency in the country, I don't think this current administration will succeed through CBN because some of the cryptocurrency users they are trying to freeze their account in Nigeria, they are the backbone of the country and something like that will not going to happen to cryptocurrency users.

[Promocodeudo]

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

I was just about to say the same thing, sometimes i wonder what is wrong with this country and our institutions, with every decision and policy they make, it shows how confused they are. Just like you, i also thought they were going to become more friendly with crypto when they lifted the ban on deposit banks not handling crypto transactions. Fast forward to a few months after, they are chasing every centralized exchange, arresting their reps, going after irrelevancies and as usual refusing to tackle the problem of the country from where it stems.

That always the case with clueless government, when the government wants to shift blames they act exactly how the Nigerian government is acting right now, it is unfortunate that we are here today complaining about things that ordinarily would have been allowed to scale through freely because of the good things thats accompanied with it,  though I have never regretted of being a Nigerian because we are blessed and very intelligent, we don't giveup easily no matter what we face in our way, the government has made it a priority to be fighting centralized exchange instead of converting the fight to taxing the exchange companies, if I am to speak for myself, I think this fight is not all about the centralize exchange rather it is targeted on the people, if you look at what is happening you will see that people don't like saving their money in the bank any longer because it is deceit on disguise, why will i keep my money in the bank without expecting good returns, while in Bitcoin if I invest and allow my money to stay for longterm I will make more profit that I didn't expect, the government know all this and that's why they started fighting fintech company because those online banks has a trusted Internet service and good service delivery, so every Bitcoin trader will like add them to them to their p2p transaction account, the government know the risk ahead thats why they started tackling it from the wrong direction so that's it.

[MainIbem]

the government has made it a priority to be fighting centralized exchange instead of converting the fight to taxing the exchange companies, if I am to speak for myself, I think this fight is not all about the centralize exchange rather it is targeted on the people, if you look at what is happening you will see that people don't like saving their money in the bank any longer because it is deceit on disguise, why will i keep my money in the bank without expecting good returns, while in Bitcoin if I invest and allow my money to stay for longterm I will make more profit that I didn't expect, the government know all this and that's why they started fighting fintech company because those online banks has a trusted Internet service and good service delivery, so every Bitcoin trader will like add them to them to their p2p transaction account, the government know the risk ahead thats why they started tackling it from the wrong direction so that's it.

The system is so corrupt what can anyone do when most of those government officials have secured themselves with immunity and no one can hold them responsible when they make wrong decisions. If our government had lots of sensible people in the senate level they would've known that putting an ban on exchanges or freezing crypto accounts is like taking us backwards, the world is goinv forward and Cryptocurrency is the future so I wonder what's stopping them from going forward. Why would anyone want to safe in a fiat currency when you end up losing your funds to unnecessary charges and maintenance fees and instead of appreciating it keeps depreciating whereas you could gain more profits when you invest in Cryptocurrency like bitcoin due to it's volatility. The might try all they can but I won't be forced to give up on Cryptocurrency  but I know it's potential and I hope they realise their wrong decision before they end up ruining our economy totally due to ignorance.

[Coyster]

I don't think banks managers can give the central bank all their customers that transacted with cryptocurrency in the past years, and even Bank managers will also fall victims to that punishment because many of the bank managers will be involve too.

The thing is, it is very difficult for the banks to identify which funds came from a crypto transaction since Nigerians now trade only peer to peer, thus, this one no be about handing over the customers to the government or if bank managers are also involved, wetin we dey talk be say these banks get limited algorithm to detect if funds that enters a customers account is from a crypto transaction or not.

Of course, the only thing dem fit do na to use their limited algorithms and "guess" if the funds is from a crypto transaction or not, if it ticks most of their boxes, dem go come seize the funds, and ask the person to present them with source of funds. I dey sure say so many Nigerians have been victims of this, but we no go know.

[Asiska02]

I don't think banks managers can give the central bank all their customers that transacted with cryptocurrency in the past years, and even Bank managers will also fall victims to that punishment because many of the bank managers will be involve too.

You’re right because if they do, they stand at losing more customers. For those that will get their accounts freeze can alert those banking there and dealing with cryptocurrency to stay off from transacting with them. Bank managers know the repercussions of such actions. To be on the safer side, when transacting don’t make anything look like crypto transactions because you never can tell if you’ll be used as scapegoat to them in order to to impress CBN that they’re following their regulations to get an award for that.

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.

It is now more obvious as the time you posted this, CBN have not issued that directives but this circular should have made us all expect something coming to clampdown on crypto and those using p2p services on exchanges to receive their funds. We are already in that phase now and still waiting to see if they’ll really penalize those caught doing crypto transactions with their bank accounts.

[Mate2237]

There is an element of truth because there is no way that news can fly in the internet without someone heard and see the information from their site or from someone in the CBN office. I don't think individuals can do that to tarnish CBN image. Therefore the way I look at the information or is true and CBN just dey deny am. Me I no even hear di news sef na now I dey see am. CBN was trying to hunt down all the participants of cryptocurrency in di country and dat was why they even asked Binance to release the users in the platform to them but I don't think Binance released di data to dem.

Nigerian CBN dey fight di wrong fight for NGN/USD conflict. And I don tok am before ordinary policy go settle everything for them but they will not do am because them dey benefit from this obnoxious act they are doing.

[Mr.suevie]

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

I was just about to say the same thing, sometimes i wonder what is wrong with this country and our institutions, with every decision and policy they make, it shows how confused they are. Just like you, i also thought they were going to become more friendly with crypto when they lifted the ban on deposit banks not handling crypto transactions. Fast forward to a few months after, they are chasing every centralized exchange, arresting their reps, going after irrelevancies and as usual refusing to tackle the problem of the country from where it stems.

To me they're not confused rather they're only playing greedily. Those banning and unbanning of crypto transactions to be facilitated and not being facilitated in the banks was just to test run how they could penetrate having access control over the crypto but unfortunately for them it didn't work as thought.

This is not a test run - You haven't falling victim yet doesn't mean there are not victims. This restrictions has been on for ages and only few of us in the space know what algorithms banks are using to track defaulters.

People hardly believe because they aren't the victims yet but I can attest to this that it isn't a test run at all because my close cousin also was a victim of the CBN palava as they closed his zenith account due to trade he conducted with his busha exchange. Although busha exchange later restricted naira P2P but I think the issue with them has been kinda resolved.