CBN Bans Cryptocurrency Exchange in Nigeria – What to do

The Central Bank of Nigeria (CBN) has ordered all Nigerian banks, including other financial institutions, to shut down all accounts that are linked or associated with cryptocurrency exchange such as Bitcoin. Details of the new regulation are incorporated in a CBN circular (PDF) which is now making the rounds.

The heat is up now because of this ban as Nigerians clamor in deep disappointment and pain. But, it’s not yet time for that because there is a way out at the moment. But, before we dive into that, let’s have a comprehensive meaning of this development.

What does CBN intend to do?

This is a striking question everybody asks because up to 50% of Nigerian Youths make millions trading cryptocurrency. However, this latest update from CBN simply entails that no Nigerian can be able to use an account or Card from a Nigerian bank, or any other financial institution in Nigeria, to trade, process, exchange, process, or do any transactions regarding crypto exchange such as Bitcoin.

Sadly, CBN has given all Nigerian banks an order to access and identify all Nigerians trading or processing cryptocurrency and close their accounts as urgent as possible. Yes, this is CBN’s intention, and it is seen as one of the unpleasing conditions that has happened lately in Nigeria.

Possible Reasons for the Ban of Cryptocurrency by CBN

1. Naira has failed woefully

Naira, as a Nigerian currency has failed woefully, and this is the major reason why the economy of Nigeria has continued to dwindle without apology. Again, this because of the corrupt practices from the Nigerian Government and uncountable corrupt politicians who are ruling the county from the negative side.

The point is this, they seem to be enjoying the bad influence of the whole thing because it doesn’t affect them, and they try in so many ways to ensure that Nigerians don’t make huge amounts of money that are higher than the currency, Naira. You would remember that the bank charges, Network providers charges, taxes, and many other related charges have continued to increase to the detriment of the poor masses.

Simply put, they are making efforts so they would be maintaining the corrupt state of the country. Have you not wondered why billions of dollars are being borrowed from other foreign countries with no intention to utilize it, generate more income, and payback? Everything seems to be practically frustrating, and this development is an added darkness to the pit.

2. Bitcoin was used for Donations during the END SARS Protest in Nigeria

Billionaire boss of the leading social media platform, Twitter, and payments company Square, Jack Dorsey, proudly joined in support of the #EndSARS protest of Nigeria. This seems to have posed a threat to the Federal Government of Nigeria as they didn’t want to take any chances of allowing anything to go against their egoistic desires.

However, many youths have lamented that this is one of the striking reasons why the Central Bank of Nigeria (CBN), through the sanction of the Federal government, has launched this new development so that only Naira would be used as a means of transaction simply because of its insignificant value as engineered by the Government of Nigeria.

Before getting into the things to be done right away, take a look at this letter from the Central Bank of Nigeria.

It is a fact that cryptocurrency has become excessively popular in Nigeria in the last few years and this has made many Nigerians millionaires and even billionaires. This could be seen as an ugly experience, but every affected Nigerian should go ahead and follow the directives below to be on the safer side.

What to do if your Nigerian Bank Account is linked to Cryptocurrency Exchanges

1. If you still have some money on the trade, with exchangers, please, consider to withdraw it as fast as possible, and then move it to another account that is not associated with Crypto.
2. If you don’t want to withdraw, you can use crypto as an option to buy something from another vendor who accepts cryptocurrency as a payment method.
3. If you can, channel the money to some other payment companies such as Payoneer. After that, you can use the black market Payoneer vendors who exchange a dollar between 400 – 450 Naira, and they will send you Naira-worth of the dollar you have sent through Payoneer to Payoneer. If you are skeptical about the most trusted Payoneer vendor, please send a mail to pereere@protonmain.com, and your deal is 100% done and secured.
4. Most importantly, if you have some money on your Nigerian account that is attached to any cryptocurrency exchange, kindly withdraw all of them, or transfer them to another account that is not attached to cryptocurrency.
5. One good thing is that the ban has not been implemented by many banks yet, so worry less, but you can smartly take an action and stay on a safer side. The earlier, the better.
6. It is a good habit to link your international bank accounts to your Crypto so that you can continue to trade without being scared of the situation.