Nigeria is running backwards - Shehu Sani Reacts to CBN ban on Crytpo, Bitcoin
Afnews Editor
Feb 05, 2021
The ban on crypto currency transactions or payments for crypto exchanges has continued to stir reactions from Nigerians.
READ ALSO: How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
The Central Bank of Nigeria had in a circular signed by the Director of Banking Supervision, Bello Hassan directed all Financial Institutions to close the accounts of those engaged in crypto transactions.
READ ALSO: "Ikwuano Locked Down For Alex OttiÔÇØ - Monday Ubani SAN Sends Strong Message To Opposition
The apex bank also threatened severe regulatory sanctions on institutions that may breach its directive.
READ ALSO: Arsenal Consider January Move For Spain's Striker
However, a former lawmaker, Shehu Sani says the ban by the CBN points only to the fact that the country is hell-bent on moving backwards.
READ ALSO: Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
He condemned the CBN directive on his Twitter page, wondering why the decision was taken.
READ ALSO: Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
His tweet read: "Why the ban on Cryptocurrency? Why are we running backwards?
READ ALSO: Orji Uzor Kalu Next In Akpabio's Hammer - Sen. Abbo Reveals After Court Sacking
Meanwhile, some Nigerians have insinuated that the new directive is a plan by the government to stop another protest like the 'EndSARS' from reoccurring in the country.
Recall some accounts belonging to sponsors of the End SARS protest were blocked by the CBN in 2020.
READ ALSO: Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
As at the time of filing this report, it was still not clear why the apex bank gave the directives despite the recession in the country.
Related Stories
Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
"Ikwuano Locked Down For Alex OttiÔÇØ - Monday Ubani SAN Sends Strong Message To Opposition
Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
Why ICPC Is Prosecuting Mike Ozekhome Over a London Property Deal That Has Shaken Nigeria's Legal Circle | READ DETAILS
Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
""
— Afnews Editor