Crypto ban is attack on young Nigerians –Social media users

By Onyeama Daniel -


 ONYEAMA DANIEL, AWKA


The cryptocurrency ban introduced by the Central Bank of Nigeria has been described as an attack on young Nigerians. 


Bankers are expected to deactivate accounts which engage in such transactions with immediate effect.

The action of the central banker has generated a lot of uproar on social media.


For some perspective, here are some things you should know about Nigerians’ behaviour with cryptocurrencies:


1. According to a December 2020 Quartz report, Nigeria is the second-largest Bitcoin market after the US. Bitcoin is a form of cryptocurrency.


2. Paxful, a leading peer-to-peer bitcoin marketplace is widely used for exchanges, as its decentralized outlook helps buyers and sellers connect directly.


3. Paxful says Nigerians make up around a quarter of its customer base with 1.3 million registered accounts. 


4. Nigerians use cryptocurrencies for mostly peer-to-peer, arbitrage trading and remittances.


5. Asides international trading platforms, experts say lots of trading also go on via informal channels such as Telegram, WhatsApp, and WeChat.


6. The #EndSARS protest of October 2020 encouraged the adoption of cryptocurrency, as supporters were able to raise funds outside of the conventional banking system.


7. The Central Bank of Nigeria monetary policies also motivate Nigerians to seek less regulated means to transact business with international partners.


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