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Crypto: Nigerians react as CBN directs banks to close accounts

Farouk Mohammed
By Farouk Mohammed
Published: February 5, 2021
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Nigerians on social media are reacting following a directive by the Central Bank of Nigeria (CBN) to close bank accounts of persons or entities involved in cryptocurrency transactions within their systems.

Netizens, especially on Twitter, expressed their displeasure over the directive contained in a circular dated 5th February 2021 by the CBN to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).

According to social media, the new directive will have a great impact on the financial economy of the country.

Here are some reactions below:

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https://twitter.com/dammiedammie35/status/1357696951047884808?s=20
https://twitter.com/dj_switchaholic/status/1357698393846480897?s=20
https://twitter.com/SavvyRinu/status/1357701469303111681?s=20
https://twitter.com/SMiTHiE___/status/1357693361449275394?s=20

Federal Government banning Crypto is another proof this country is designed to make people poor.

— DREYLO (@RealDreylo) February 5, 2021

Banning #Crypto is like locking up the barn door after the horses have long fled the stable. We can either drive things underground or build policies around harnessing crypto benefits.

— Steve Babaeko (@Steve_eko) February 5, 2021
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TAGGED:CBNCryptoCryptocurrency
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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article CBN orders banks to close accounts dealing with cryptocurrency
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