What? This is 2021. Why not embrace and regulate it instead of outright ban. Then you order banks to close down people's accounts. So banks should close down banks with millions of naira in deposit and transactions because some people in CBN can't make competent decisions to help the economy. Are we going backwards or what?

Useless country with useless Government with useless policies!

slawormiir:
Damnnn niggarrrr.
Mumu cbn
We go dey do Ptpt
If you are a niggarrrr and you understand what I meant by ptpt then you must be a real niggarr

Ptpt

This is ridiculous!

To think this Stears Business guys raised $600 million in funding and graduated from London School of Economics and Oxford. Just look at explanations of unique market forces and dynamics? Please do better!. CBN doing the right thing, learn to unravel market mechanics.

Join my cryptocurrency escrow group ,Where we do buying and selling and also give an hint about the best coins to hold.

https:///44Ra

Cryptocurrency na mmm 2.0

Goodman247:
The exchangers should take CBN to court

on what grounds?

profmallor:
Dollars are definately not takeout of Nigeria for Crypto trading. for most exchanges you deposite naira and buy foreign currencies using NGN. NO DOLLAR Leaves Nigeria. CBN is only jealous cause suddenly fewer people are going to banks and so they have less money to steal. Crypto deals are the purf of SEC and CBN has nothing to do there but to try to further impoverish the few Nigerians trying to make a Living despite Governments Failures. Those at the CBN have proven in recent times to be the most confused bunch in recent times. Their Policies are all over the place making and reversing when their experiments dont work. Banks and other Financial houses dont want to cut their profit margins so they are using teh CBN to fight crypto. Evil People

All this ban talk aside.

Can you explain how you can buy a foreign (crypto)currency with Naira without dollar actually leaving the country?

So when you pay in Naira, what do you think actually happens?

This our government is so weirrdd.

Missyajoke:
If it's going to boost the economy its a welcome idea

it's not going to, government can't tax it and it doesn't provide any benefit to the society, it's only criminal elements and speculators that it is beneficial to.

I jst bought my first crypto two days ago now this

meekhat:
Crypto has come to stay whether CBN likes it or not. Nothing spoil at all. Watch how p2p deals will grow in exchanges like binance. Naira is dead and no be we kill am. No wise person keeps his money in naira anymore.
Let me come and be going to binance for p2p buy and sell jor

my guy explain this crypto currency for me in a laymans language and how can i make money from it.

wwwtortoise:
The Nigerian government is anti-people.
Whatever benefits the populace give them sleepless night.

Crypto is here to stay as no policy can stop this technology. China tried to control it but failed.

how is cryptocurrency beneficial to nigerians at large?

Thunder fire cbn for this one.
Are we going forward or going to be stone age,
Make dem no worry cus there is always a way

Dear Lord, please harden the heart of Nigerian leaders to implement their policy, IJN!

Let them do it quickly...

Fast forward to today, four months later, and the CBN is doing something almost contradictory to the SEC’s move. While one regulator was working on laws to formalise crypto assets, the other (CBN) is going in the other direction.
to
According to the circular, which was sent to banks, the apex bank said that dealing in cryptocurrencies is “prohibited”. They then asked commercial banks and financial institutions to identify and close the accounts of anyone involved in cryptocurrency exchange.

There is conflict in the zoo CBN. The fear of unknown is catching up with fulani running CBN.

Yahoo boys are wailing

Vv

madukaanaya:
my guy explain this crypto currency for me in a laymans language and how can i make money from it.

na ponzi scheme, mmm 2.0

You buy and hope it rises, if more people buy you make money, if everybody wants to sell it will crash, the more people buying the higher it rises, if everybody wan remove their money plenty people will commit suicide


Like mmm but international mmm

iamJ:
it's not going to, government can't tax it and it doesn't provide any benefit to the society, it's only criminal elements and speculators that it is beneficial to.

please if I may ask you Mr man, how is it only beneficial to only criminal elements and speculators Do you know how many people cryptocurrency has brought out of poverty? Please stop talking thrash... To be honest, any person supporting this ban is an enemy of development and one of the problems of this country

Abeg shey this thing affect forex too

Why are you guys surprised?

Don't you seen that two Fulani herdsmen signed the circular!

Any kind dirty ban we still dey move on. Naija Youth never dull.

Nigeria will start to experience the greatest Brain drain any country in the world has ever witnessed..

The goal is to make the whole people of this nation poor and it's obvious, especially the youth so that can use them as slave to scattered elections or deceive Nigerians for their own selfish interest they understand only poverty is a mechanism that can be used for continual slavery.
They want us to fear them ��
Coward, shameless administration �
When can we enroll for PVC?

War may happen in Nigeria soon enough is enough

definitelyCYRIL:
please if I may ask you Mr man, how is it only beneficial to only criminal elements and speculators Do you know how many people cryptocurrency has brought out of poverty? Please stop talking thrash... To be honest, any person supporting this ban is an enemy of development and one of the problems of this country

what does speculators mean is it not speculators that cryptocurrency brought out of poverty? How does cryptocurrency benefit the society at large, you don't understand monetary policy and last last like mmm, which cryptocurrency is, una go wail

Great, so I will explain

An exchange like Binance which i use well sells currencies in crypto BUSD, USDT and the likes. These are not physical dollars, there are all digital currencies. In fact, when you buy a crypto like USDT, which equivalent to a dollar, you pay way more than you would if you go to an Aboki to buy physical dollars.

NO Exchange comes to your Bank at month end for dollar reconciliation because they dont trade in foreign currency. They allow you use Naira all the way

summary

Naira >>> Exchange >>>> trading >>> profit >>> withdraw >>> Naira


The Government is Bitter because all of sudden many people dont bank with them any longer because the exchanges provide remarkable liquidity and profit, something the banks would never do because Nigerian Banks dont even bank anyway but to use our money to make more money for themselves.

I know the HIGH and mighty would have crypto trading not because they cant make money from it themselves, but more because suddenly the average man doesnt need their fraudulent institutions to make any money. Block chain technology is more transparent and easier to use to trace fraud than even the banking systems, so they lie on foreign exhange outflow.

soon if they dont allow the billions of Naira stock in exchanges back into the economy, that Naira they are protecting would fall further. when people make money off crypto trading is it not the same Nigerian economy they plunge the same funds into. But the half baked CBN policy makers cannot think further than their noses.

joey150:


All this ban talk aside.

Can you explain how you can buy a foreign (crypto)currency with Naira without dollar actually leaving the country?

So when you pay in Naira, what do you think actually happens?

This Stears people are one of those gingering CBN on this thing sha ...they've been publishing things upandan shei dem don win we go rest now

lalasticlala:


https://mobile.twitter.com/StearsBusiness/status/1357753704783478785

definitelyCYRIL:
please if I may ask you Mr man, how is it only beneficial to only criminal elements and speculators Do you know how many people cryptocurrency has brought out of poverty? Please stop talking thrash... To be honest, any person supporting this ban is an enemy of development and one of the problems of this country

@bold is a clear case of envy
So many Nigerians not lucky enough to benefit from the recent increase in crypto are not really happy with those that have been blessed by crypto. It is just the mind of an average black man.

Rubbiish:

@bold is a clear case of envy
So many Nigerians not lucky enough to benefit from the recent increase in crypto are not really happy with those that have been blessed by crypto. It is just the mind of an average black man.

I dey tell you!!! Na only person wey no get money to by crypto go dey support this ban.. may be becos one of his friends is making it big time and he is becoming jealous.

Rubbiish:

@bold is a clear case of envy
So many Nigerians not lucky enough to benefit from the recent increase in crypto are not really happy with those that have been blessed by crypto. It is just the mind of an average black man.

mmm users said the same thing