The CBN's move to go after crypto exchange bank accounts is a well thought out, calculated move to stifle the youths, zone in on them and prevent a future #EndSARS reoccurrence. As a matter of fact, this makes it the second government's policy in the past 3-4 months and it has been nothing but a well-calculated move to zone in on the youths, when in fact, none of these policies has no positive impact on the lives of the common Nigerian people.

NIN

First was the sudden NIN registration which the federal government, through Pantami, the Minister of Communications and Digital Economy forced on Nigerians at a time when the government warned that the country should brace itself for a second wave of the COVID-19. The urgency, I believe, meant something and the initial deadline meant the government didn't care about the safety of its citizens.

But what was the motive behind the NIN registration in the first place?

During the height of the protest, certain politicians' personal numbers were released. These politicians claimed they were 'heavily cursed' over the phone by youths. Femi Adesina confirmed the same on national TV, claiming he 'recieved curses on his phone': https://punchng.com/endsars-ive-received-curses-on-my-phone-adesina/. The likes of Bola Ahmed Tinubu, Lai Mohammed, Femi Gbaja, Yemi Osinbajo and even the president's numbers were released online. Some lawmakers claimed they were also cursed over the phone and could not trace the numbers because some of them were registered to multiple users, no thanks to the aggressive SIM recycling behaviours of telcos. To curtail this and probably prevent a future reoccurrence, NIN was mandated. This way, it becomes easy to get the full details of a user just by looking up their NIN.

Social Media Ban

During the protest, there were rumours that the FG was making moves to block social media in Nigeria as it was the rallying point for protesters across the country. What started as a rumour soon became the song on Lai Mohammed's lips. The Minister of Information and Culture made repeated calls to 'limit' social media so that it does not end up being used as a tool for anarchy. Perhaps the government might have 'tested' the reactions of Nigerians by blocking certain social media platforms, most importantly Twitter via telcos but the reactions were too strong and the government suspended the plan, even though certain people within the government are still coming out to every once in a while to call for social media ban or, at best, 'restriction'. Recently, Festus Keyamo asked that NIN be mapped to one social media account since social media companies avoid responsibilities:

If the Social Media companies must avoid responsibility, the solution is to ensure that EVERY SM account can only be opened or operate if it’s registered with a Nat. I.D number and photograph that correspond with those in govts database so that we eliminate anonymous accounts

https://twitter.com/fkeyamo/status/1355829661582979072

Cryptocurrency

Why poor cryptocurrency when it didn't join in the #EndSARS protest? Recall the CBN blocked accounts used for receiving donations during the protest and also went ahead to block bank accounts of certain social media influencers. It was supposed to be the game changer and tilt the social media war towards the government's side but the youths, through Feminist Coalition quickly humiliated the CBN and federal government, turning to cryptocurrency almost immediately. It turned out to be a blessing because international donations became easier. Jack Dorsey, Twitter's CEO openly supported the call to end police brutality and even assisted with tweeting Femco's crypto addresses. And then came the #EndSARS Twitter emoji.

The government was losing and it knew it. The CBN was useless as it has no hold on cryptocurrency in Nigeria. The government quickly labelled #EndSARS as 'terrorism', like it did groups that resisted the government, claiming it was being funded by some international bodies to disrupt the 'peace' and unity of Nigeria.

With the surge of Bitcoin recently, one would think the dinosauric government we have will start embracing it but no, like a sad, bitter, vindictive ex-lover, the government has been plotting, scheming and thinking about how it can get closer to making sure that there is no future repeat of a youth protest in Nigeria.

If anything, the CBN is playing out a script and the crypto move is only to move the pilot of the protest into a kill box, possibly incapacitate them and make sure they are incapable of staging an upset in the nearest future.

Country wey dey craze.


Buhari favorite speech when it comes to youth development is the youths should go back to farming. So I'm not surprised.

The government has never deliberately done anything in the interest of the citizens, if it must benefit the populace, it must have benefited the government and friends.

I'm sure many of these people know close to nothing about cryptocurrency and how it has affected our economy positively.


Sadly, many of them are earning fat at the expense of other citizens. The policy affects them negatively in no way.

Even if money no dey, dem go borrow in the name of the country and squander.

I'm tired man!

Lalasticlala, help me out here, please.

The best thing is to make money and leave this shithole country

Won gbadun

yeye yeye

I doubt it's because of end sars ...Nigerians have been storing their values in bit coin so much that in the last 5 year over 100 billion dollars of Nigerian values hva e found their way into the crypto market .And tho be sincere it entirely the fault of the Buharis poor leadership which has made the naira so unstable that NIGERIAns now prefer to save the wealth in Bit coin ... I understand what the CBN is trying to do but the truth is if the Naira is not stabilized nobody will store his wealth in such a currency and the will look for another way to store it... Expect demand for dollars to rise by over 100 percent by next week

I think it's high time some African countries start introducing PR for skilled Nigerians just the way Canada does for the rest of the world, and the UK for skilled Hong Kongas.

The Nigerian government by all indications is bent on strangulating her youth populace. After all if the youths all become self-dependent who would rig elections or do their dirty bidding.

Countries like Rwanda, South Africa, Kenya, and Ghana can take up this challenge to take Nigeria's skilled populace and develop their country at an even faster rate.

Country full of dull, uncivilized, archaic, low IQ, backward, anti clockwise, irresponsible, technology illiterate and most useless set of politicians and government officials.


Let us search for a youthful and technology conscious leader in 2023.

GamalNasser:
I doubt it's because of end sars ...Nigerians have been storing their values in bit coin so much that in the last 5 year over 100 billion dollars of Nigerian values hva e found their way into the crypto market .And tho be sincere it entirely the fault of the Buharis poor leadership which has made the naira so unstable that NIGERIAns now prefer to save the wealth in Bit coin ... I understand what the CBN is trying to do but the truth is if the Naira is not stabilized nobody will store his wealth in such a currency and the will look for another way to store it... Expect demand for dollars to rise by over 100 percent by next week

It makes sense but I do not fully align with your explanation. Crypto is an open, free-market and we all know it is volatile. Nigerians with extra liver have been the ones still continuing with crypto. Right now, it is much more difficult to buy Bitcoins, no thanks to its price.

But the pattern before anything... And the fact that the whole thing is linear points to the fact that the government is intentional and seeking new strategies of frustrating those who once had the strength cum support to join in the protest.

I might have believed your explanation but Bitcoin didn't just rise to its position. The Naira hasn't fell in a while and I have no reasons to be the CBN and the FG acted in the interest of the economy. If anything, I'll say Bitcoin propels economic growth rather than destroy it.

privaldo:
I think it's high time some African countries start introducing PR for skilled Nigerians just the way Canada does for the rest of the world, and the UK for skilled Hong Kongas.

The Nigerian government by all indications is bent on strangulating her youth populace. After all if the youths all become self-dependent who would rig elections or do their dirty bidding.

Countries like Rwanda, South Africa, Kenya, and Ghana can take up this challenge to take Nigeria's skilled populace and develop their country at an even faster rate.

Call it weaponizing poverty...

I don't even understand this new cbn policy does it mean if I buy or sell crypto from my luno wallet using my bank account my account will be blocked by the cbn?

The op is correct.

EndSars or no EndSars, federal government can not turn back the hand of time. Crypto is an idea that it's time has reached.

Don't let this opportunity pass you by like Bitcoin did, start mining now before it is fully launched to become a VIP and earn big.

Download at https://bee.games/download.html use 'valthegreat' as your referral link.

EMMY76:
I don't even understand this new cbn policy does it mean if I buy or sell crypto from my luno wallet using my bank account my account will be blocked by the cbn?

Yes. Your account will not just be blocked by closed immediately.

You still have some level of hope if your account is blocked. They are closing it.

Sanchez01:

Yes. Your account will not just be blocked by closed immediately.

You still have some level of hope if your account is blocked. They are closing it.

Mad o so how can someone sell his crypto without the knowledge of the cbn?

EMMY76:



Mad o so how can someone sell his crypto without the knowledge of the cbn?

Just don't think of selling for now, lest you lose your account. FX transactions are scaring the shvt out of me at the moment.

Sanchez01:

Call it weaponizing poverty...

That's exactly what it is.