Crypto Ban: Nigeria Running Backwards – Shehu Sani Slams CBN

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Shehu Sani, a former Nigerian has wondered why the Central Bank of Nigerian placed a ban crypto currency transactions or payments for crypto exchanges in .

The former said the ’s decision is tantamount to running backwards.

He condemned the CBN’s directive Twitter page, wondering why the decision taken.

The Central Bank of had in a circular signed by the Director of Banking Supervision, Bello Hassan directed all Financial Institutions to close the accounts of those engaged in crypto transactions.

The apex bank also threatened severe regulatory sanctions institutions that may breach its directive.

Shehu’s tweet read: “Why the ban on Cryptocurrency? Why are we running backwards?

Meanwhile, some Nigerians have insinuated that the directive is a plan by the to another like the ‘EndSARS’ from reoccurring in the country.

Recall some accounts belonging to sponsors of the End SARS were blocked by the CBN in 2020.

As at the time of filing this , it still not clear why the apex bank gave the directives despite the recession in the country.