This afternoon, a letter circulated online. In the letter, Nigeria's Apex Bank, CBN directed all the financial institutions to close down any account involved in cryptocurrency transaction.

In other words, bank accounts of individual investors and exchange companies trading cryptocurrency can be shut dolwn anytime from now. It can be deducted that trading crypto in Nigeria is now prohibited.

Prior to the announcement, a lot of Nigerians, mostly the youths invest in cryptocurrency. They buy it when it's low, wait till it will rise and sell it at a higher price. In the process, they will make a decent profit. That's what some even do for a living. Automatically, they've been rendered jobless.

Secondly, the policy will make people start going to Benin Republic, Niger and other nearby countries to open bank accounts. Afterall, it's only Nigerian accounts CBN can block. In the process, reasonable amount of money will be lost to those economies. People that are supposed to save money in their local Nigeria account will now save money abroad.

Thirdly, our foreign reserve will be depreciated. Our over 15million citizens abroad will now resort to investing their savings on cryptocurrency using their foreign bank account to guard against Naira devaluation. Hence, less money will be passing through our local banks.

In the long run, our financial institutions that used to serve as middlemen will be eliminated. Their income will be greatly affected instead.

Rather than banning Cryptocurrency outright, why can't FG make laws to regulate it.

To be frank. Nigeria is really sick. The leaders are bent on killing her totally. There are ways to fight fraud not this way, "taking food from the same people you refused to give food to is inhumane".

No leader in this country ,only herders

CBN should be sued,they have no right to do that,this is nothing but bad belle.

Worse come to worse people go dey use Ghana, Benin Republic and other neighbouring countries to be cashing out their money

At the end of the day Nigeria economy go dey bleed while other countries nearby go gain massively

Nigerians were already roundtripping to nearby African countries to buy dollars and resell at differential in the Nigerian market during the dollar crunch. Same will be the case here. Benin Rep,Togo and Ghana will be the biggest beneficiaries of this short sighted policy. Business as usual for exchangers.

Yeye countree