Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

The Ban on Crypto

Ayobami AbejidebyAyobami Abejide
November 12, 2021
in News
0
The Ban on Crypto
Share on FacebookShare on TwitterShare on Whatsapp

As CBN cracks down heavily on defaulters

The Central Bank of Nigeria has intensified it’s crack down on crypto trading, with the CBN governor Godwin Emefiele coming out with his sledge hammer to hit any bank or citizens found wanting.

Recently, a circular that originated from the apex bank has been in circulation on the social space. According to the circular, The Central Bank of Nigeria has directed all banks to close all bank accounts dealing with or having any thing related to cryptocurrency.

Commercial banks are being instructed to identify and shut down accounts tied to cryptocurrency trading activities.

Social media space was filled with screenshot of post no debit messages from numerous bank customers, with so many questions left unanswered. 

One thing that caught my attention was the list of conditions attached to placing a post no debit order on an individual’s account, one then wonder when a circular has become law in this sovereign nation of ours.

This is a country which still operates under the dictates of a written constitution.

A mere circular can’t and shouldn’t pass as a law and this is not just my opinion, this is the same position taken by a federal high court sitting in Abuja after vacating the interim order and freezing the accounts of some fintech companies for alleged cryptocurrency dealings

It’s high time the Apex bank desist in making kangaroo policies and find better ways to perform the core function to defend the Naira, the law shouldn’t be disregarded whenever the Apex bank is performing it’s function. 

The Central Bank of Nigeria is backed by law, it’s dictates and dealings should also align with the said law governing the land

It’s also needless to say the profiling of citizens by the Apex bank is a no brainer.

Tags: bancentral bankcircularcommercial banksconstitutionCryptolawNigeriapoliciesprofiling
Ayobami Abejide

Ayobami Abejide

Abejide Ayobami is a Communication graduate, who has carved for himself a great niche for writing and crisis management and Content Creator with vast PR experience

Related Posts

How Did the Manchester Synagogue Attack Unfold? A Minute-by-Minute Timeline
News

How Did the Manchester Synagogue Attack Unfold? A Minute-by-Minute Timeline

October 2, 2025
What Does a 'State of Calamity' Mean for the Philippine Province Struck by Earthquake?
News

What Does a ‘State of Calamity’ Mean for the Philippine Province Struck by Earthquake?

October 1, 2025
Is Morocco the Next Nepal? Inside the Gen Z Protests Shaking the Kingdom
News

Is Morocco the Next Nepal? Inside the Gen Z Protests Shaking the Kingdom

October 1, 2025
Next Post
Liberia must fall

Liberia must fall

WCON Qualifiers: Oshoala out of action for two months

WCON Qualifiers: Oshoala out of action for two months

Nigerian sentenced to death for drug trafficking in Malaysia acquitted

Nigerian sentenced to death for drug trafficking in Malaysia acquitted

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Federal Government Prosposes Supplementary Budget for Minimum Wage and Infrastructure

Federal Government Prosposes Supplementary Budget for Minimum Wage and Infrastructure

1 year ago
Labour’s Second Chance: Can Keir Starmer Deliver on Economic Promises?

Labour’s Second Chance: Can Keir Starmer Deliver on Economic Promises?

1 year ago
Catholic Priest Abducted by Gunmen in Kaduna

Catholic Priest Abducted by Gunmen in Kaduna

2 years ago
Bureau De Change Operators Temporarily Suspend Accepting Dollars In Exchange For Naira in Adamawa State

Bureau De Change Operators Temporarily Suspend Accepting Dollars In Exchange For Naira in Adamawa State

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

BBNaija S10: Here’s Why Fans Are Demanding Faith’s Disqualification

Supreme Court or Nothing: Rivers Emergency Suit Thrown Out

NARD Sounds Alarm as Malnutrition Wipes Out Nigeria’s Next Generation

Investors Dumped U.S. Assets Overnight As Government Shutdown

Why Are Federal Layoffs ‘Imminent’ in the Government Shutdown?

Trending

Oba Ewuare II Dismisses Iyaloja Role In Benin
Government

Oba Ewuare II Dismisses Iyaloja Role In Benin

byEriki Joan Ugunushe
October 2, 2025
0

Oba Ewuare II has spoken, and once again he has reminded everyone that Benin is not a...

Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

October 2, 2025
Is Britain's Fight Against Antisemitism Failing After Manchester Synagogue Attack

Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

October 2, 2025
Is China's New 'K Visa' a Direct Challenge to the US H-1B Program?

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

October 2, 2025
BBNaija S10: Here’s Why Fans Are Demanding Faith’s Disqualification

BBNaija S10: Here’s Why Fans Are Demanding Faith’s Disqualification

October 2, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Oba Ewuare II Dismisses Iyaloja Role In Benin
  • Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire
  • Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com