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The Ban on Crypto

The Ban on Crypto

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. 

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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.

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