₦airaland Forum

360degreess:
OP you are wasting your time on all these semi illitrates that are on this forum.. They are frustrated.Hatred and tribal bigotry have covered their sense of reasoning..
CBN is only trying to regulate and control the use of the crypto currency.. simple.

Tell Meffy, that the bolded is impossible and it will end up giving him eternal migraines. Also, let him know it isn't simple as more sophisticated governments have failed at it.

TheRareGem1:
Some people still don't just understand how governance works; Presidency can't oversee the whole things that's why appointments are given to their subjects Last time I check,CBN Is our financial regulatory body not Presidency

Why don't people blame Presidency for NigerDelta commission embezzlement and wrong doing

The same Presidency can hire and fire the CBN governor. It is the duty of the executive to keep institutions under it in check.

TheRareGem1:
Do you know anyone whose WhatsApp line was hacked and a broadcast sent form their line to their contacts? Have you been added to crypto groups that you did not solicit or sought to join? Do you know that some people have been scammed from crypto?

This isn't enough reason to halt some people financial source. Why did the CBN not issue the same directive when MMM and several other Ponzi schemes used the Naira to make away with people's money?

Let us get something clear, the Central Bank of Nigeria did not ban cryptocurrency, let us get that completely clear, what the CBN did was to restrict Nigerian banks from transacting in cryptocurrency while it develops a framework that will guide its activities.

This is impossible to do, because one of the core principles guiding cryptocurrency is decentralization. It simply means that no government or body in the world will be/should be allowed to control the flow of cryptos, so this will fail.

Every government has an apex financial body that regulates the financial sector and also the monetary and fiscal policies of that country. Be it the CBN in Nigeria or the Federal Reserve in the US. Put simply, there has to be some sort of regulation for every form of monetary instrument that is acceptable.

Just like more advanced and sophisticated nations like China have failed to control the crypto, so will the CBN fail woefully at this. It is a lost cause.

Remember, one of the characteristics of money is that it must be acceptable by all but in the case of cryptocurrency there have been people who have not only rejected crypto but have been duped trying to use crypto.

Bitcoin is strong and widely acceptable but not all crypto have the same credibility. Many Nigerians have been duped and scammed by cryptos in Nigeria and these people have reported this action which requires the CBN to act.

This is a simple logic that proves Nigerians are gullible, why would put money in what you have zero knowledge about? It goes back to the first point I made, if some people were gullible it doesn't mean others should suffer for it. Recently, SEC listed some cryptocurrencies as securities, and was working on a framework for them but CBN just woke up one morning and decided to blacklist it, it only shows the lack of synergy between the various agencies of the government.

We must understand that no one wants crypto to go or stop the acceptability of crypto but we need it to be regulated. What I find even funny, is that Nigerians don’t know that the CBN acts independent of the President and Vice President.

Calling out the President and Vice President shows that there is massive ignorance among Nigerians. The VP is not the ICT Minister neither is he the Finance Minister, why target him?

From the start of my read, I knew this was some op-ed to save the already dented image of Yemi Osinbajo.

For those who deal in crypto, the CBN will definitely restore domestic banks activities in crypto once there is some sort regulation.

This I highly doubt, we all witnessed how the CBN introduced new policies on reviving USD, and guess what regardless the complain the policy still remains in place. The Nigerian system is bent on weaponizing poverty, and would do everything within its means to ensure that.

plaindealer:
This is a good move by the CBN, it's dangerous and counter productive for the general population to shift traditional banking, trading and investment system from the banking and regulatory structure to unregulated and counterproductive crypto currency system.

Money inflow and outflow through the banking system guarantees availability of funds for investments, loans and financing across the general population, but when you remove money from the banking system to a side person to person asset transaction, you are effective remove money and forex from market, you are no longer recycling money through the system to keep the economy going, you are denying funds for loans, business financing, housing mortgage and so on.


Rich and developed countries can afford to allow crypto in their countries, but Nigeria can not especially when Nigerians are not turning dollar remit from abroad into a person to person crypto deal.

You can not keep complaining about the economy, lack of jobs and infrastructures while at the same time sabotaging the same economy with crypto.


You can not have ot both ways, crypto is not goo for us at the moment..

Crypto is like the proverbial cockroaches that will survive a nuclear blast. Nigeria has one of the highest P2P rate in the world, so I expect the crypto populace, to fall back to P2P. The CBN is shooting itself on the foot and only helping to kill the Naira even further, but what do I know?

Kazakhstan's capital is now called Nur-Sultan, oh boy things change so fast.

thebosstrevor1:
While the enemies of Nigeria are shouting fulanis herdmen everywhere, see how travelwaka dey do local tourism all over the west without issues.

If you believe news online, you will think that Nigeria is at war.

There is a proverb that says "one man's truth is not enough to make another man a liar".

Sanchez01:
Call it weaponizing poverty...

That's exactly what it is.

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.

Murketeer:
P2P?... that's selling to a vendor and getting your money I guess?

Exactly

dominion001:
I doubt if Nigeria can survive next 5 years.

Only time and activities shall tell.

Yes, we are gradually heading towards self implosion and probably a second civil war.

thebosstrevor1:
NIGERIA IS A SOVERIGGN COUNTRY AND ICC LAWS ARE NOT GREATER THAN THE NIGERIAN LAWS.

Sovereignty my, if the international community wants to bring her to her knees they will, so stop fooling thine self o'man.

thebosstrevor1:
Adopt p2p

How much is network fees to send crypto.

You also have to cash out, how are you going to cash and get your funds into a Nigerian bank account when anything crypto is flagged

You will change the money to USDT, so it wouldn't be like crypto but you just receiving dollars, or NGNT. This is a new age the people control the market and not the government.

NiRfreak:
That's the truth...I only dint go there...but it's not good cos those startups are people like you and I.......it's an economically disabling move for crypto business in Nigeria. Most of the opportunity we have in crypto is enabled by those startups....P2p is only a little subset of the whole cryto business .

Yes, why P2P will mean the death of these startups but the populace need to survive. CBN will revert it though, when they notice they can't control the market.

Vaughanlanrewaj:
CBN is the primary gateway and clearance for all payments domiciled in Nigeria, they are the alpha and omega of monetary policies. You are just telling them to move into that area too sir.
Just one policy and datsall!Even the telcos and internet service providers dare not challenge CBN.

CBN can't kill crypto, they should learn to live with it. The Chinese and Iranian governments tried it, and failed so I don't see CBN getting it either. If P2P lending is killed (which I doubt is possible) then more ways will emanate.

thebosstrevor1:
Btw, yahoo boys will not be happy

Also, once again this can be bypassed that's why crypto is like the proverbial cockroach that can't be killed easily, governments like China and Iran tried it and failed. This new policy will only make people result to P2P lending which will even be worse for the CBN as they won't see any trace of the USD/FX coming into the country from crypto.

thebosstrevor1:
The endsar protest created the ban.

Say what you know, the CBN has complained that they are losing FX a lot. Last year Diaspora remittances dropped from over $2B in the first quarter of the year to $156 million in the last quarter due to the fact that those abroad stopped sending the money through banks and Western Union but through apps that converted the USD directly to Naira, therefore making CBN see only Naira and no USD.
The same thing is now happening to crypto after government made rules to end the first issue, people resulted to sending crypto which is then changed to Naira as opposed to sending the original USD. This is not about #EndSars, this is about the CBN trying to look for FX.

NiRfreak:
When you have wicked illiterate goats as leaders, why won't they frustrate citizens from making money through innovative legitimate means they don't understand....Meanwhile they steal our money everyday through illegal means..Awon oloshi.
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The richest man in the world is investing and trading crypto currency. ...recently Elon Musk promoted Dogecoin by tweeting it on his page and people from all over the world made money from the uptrend of the coin that was generated through that sentimental analysis...I did too. Cos I sold my money stored in USDT to buy Dogecoin...in less than 24 hours...I made 50% of my money and cash out again by selling the Doge to buy USDT.
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Most institutional investors in Europe and America, I'm talking of banks and corporate investor brokers are embracing crypto investment and moving their portfolios to buy and trade cryto.....even rich men in America and Europe, China are moving their investment stored in gold into cryptocurremcy..
It shall not be well with this government that is determined to plunge everyone into poverty...work no dey, business failing everyday cos government is not supportive....if you know what's up, govt directly or indirectly has hands in the collapse of MBaforex...and now they are frustrating crypto trading.
You see, if person no one do Yahoo cos u view it to be immoral, and u are also being frustrated from doing normal buying and selling of digital currency on the internet market...then maybe it's better for one to kuku resort to fraud or yahooyahoo... Useless government.!!!!!!!

Man, I recently bought Dogecoin I hope the price soars. As for this move by Emefiele, it will only affect the crypto startups and not the people, so many people will adopt P2P lending in the coming days.

[quote author= post=98755817]Sometimes, Silence is Golden ......okay?[/quote]

Mynd44:
Yup.

But train your child do he/shvwill give you peace. Why should your child be a menace to society and you will be at peace? No way

You need to understand that people can be wayward regardless of the training they receive. Sometimes this kids can mask up their cult behavior around their parents and live regular lives until they are out of their parents sight, so it isn't the fault of the parents.

This case is in a Customary Court in Kaduna.

Cc Coronabirus

Coronabirus:
Islam have enough laws and guidance to set Sharia court while Christians either don't have enough to do so or whatever the case may be chose to go for customary court. If u come to North all Christians dominated areas have only customary courts while majority Muslims part have Sharia court. There is no any similarity between in the two in terms of dispensing justice but are courts set up based on people's belief and culture.

This isn't true. People of all faith are tried in the Customary Court. Customary Courts are set based on culture not beliefs and from the best of my knowledge, Islam isn't a culture.

Coronabirus:
That is exactly how Shariah system is, only Muslims are tried in the court but for non Muslims are tried if only they accept to be tried there. What of the Christian dominant states or places who adopt customary courts as a similar court system to Muslims who adopt Sharia court. No Muslim will be tried in customary court unless under subjugation.

If my knowledge serves me right, Customary Courts are not equivalent to Shariah Courts. One works based on religious laws/principles/beliefs and the other works based on the law with no religious basis. Also, there are states like Lagos that have a large Muslim population but make use of the Customary Courts.

Coronabirus:
Nowhere our constitution state that Nigeria is a secular natiin, no where!
Nigeria is a multicultural and multi religious nation that is why oath of office is taken on only two religious ground.
Don't deceive yourself.

Even as a "multi-religious" nation, no arm of the government has the right to shove down anybody's throat. One of the ways to avoid implosion in Nigeria is to learn to respect people's belief regardless who happens to be the majority or minority. A Christain man in Kano shouldn't be coerced to obeying Sharia laws even after it was stated that Christians won't be forced to follow it.

[quote author= post=98743361]We simply Love this....

Let's leave the children of hate and frustrations outta this for now.
Let us leave them to their lies and bitterness for Nigeria.
We will only say the rest and chaos they all want for our darling nation will begin from their households.

No be curse
Na FACT![/quote]Hypocrisy at its highest level. After making noise about one Nigeria, you are now trying to paint a picture to make it seem like the Igbos are the only ones complaining when one of their own was appointed. It seems like you take the folks on NL to be fools, bloody zombie.

NaMeAboki:
Why call him a business man when he is nothing more than a criminal?

Secondly, why not attach his tribe to the crime as they do to Fulani and similarly call him an IGBO DRUG PUSHER - let that be the practice from now on.

Yes they should tag him Igbo and the Adekunle Yoruba. This I support.

gtown:
South easterners combine and do every crime you can think of in this world.
Terrorism = ipobian pigs
Kidnapping = Evans and the gangs
Fraud = Investus
Prostitution = every single igbo girl practice prostitution before settling for marriage
Armed robbery = every igbo boy corner shop owner do go out to rob people as alternative source of funding his shop.
In fact, there is no known type of unholy doing one can find igbos absence there. Northerners terrorism is a chicken change compare to what havoc Igbos are doing to the country and the world entirely with their drugs trafficking.

Well done o, Igbos engage in prostitution but its always a Yoruba girl sex tape that shows up on the internet or your far relatives Edo in Italy. Hypocrisy.

After South South, the South West is the second champion of cultism and even the founders in Nigeria. You even exported it outside Nigeria to Turkey, Malaysia and Italy.

The South West has the highest ritual den in Nigeria, and this is a fact.

Huspuppi and Olakunlue Ponle remain the biggest scammers in the last five years from Nigeria, Awon Saints.

Coronabirus:
What nonsense are u saying when u don't even understand the background of the matter. This guy is making utterances that may lead to possible tension and the govt forestalled it happening. When ur religious leaders spit nonsense u defend them blindly but u're in rush to embarass urself when right action is taken by people whose their matter don't concern u.
The same Dubai u're talking abt had stringent rules that ask people including foreigners to adhere with Islamic norms by covering their body especially the females in most part of the nation. The way u think civilisation is just exposing nudity, drinking, clubbing and all sort of social immorality is an insult to ur religion because u're likely telling the whole world that ur religion condole indecency and other immoral acts.
Which kind of Christianity are u practicing now with all these absurd life style?

Must he be a Christian? You don't dictate morals or religious adherence to people in a secular nation. It is a multicultural and secular nation for a reason, and not an Islamic/Christain nation.

fergie001:
Yes, because in Nigeria, we build "strong individuals" rather than "strong institutions."

He will likely get an added 3 months.

This is very true, the average Nigerian prefers to have a "strong leader" aka "Iron hand" than to have working institutions. That is why it isn't surprising that someone like Buhari was chosen ahead of a Jonathan.

I won't be surprised if he even increases it until the end of his tenure, after all we saw how long it took for him to replace the service chiefs, and he only did that to satisfy the Northern Elders that were openly criticising him.

fergie001:
Nothing Buhari does surprises people anymore.

Honestly, he just acts like he doesn't care at all.

@ fergie001, You predicted this scenario, and now its playing out.

Flier:
Those countries you mentioned above are not developed,only switzerland is better,a country that solely rely on banking system with a tiny population compared to South EAST

Funny you, how is Austria, Luxembourg, and Liechtenstein not developed?
Switzerland doesn't rely on only the financial sector, they are key players when it comes to Gold, Travel, Electronics, Pharmaceuticals, Precious Stones, and even a large majority of the world's Chocolate.
Luxembourg, Lichtenstein, Austria, and Switzerland are not just developed but are some of the richest countries in the world.