https://africa.businessinsider.com/local/markets/nigerias-central-bank-fines-access-bank-stanbic-ibtc-and-uba-dollar19-million-for/dtxh3kc
The link above shows that, Federal government of Nigeria are not responsible for Crypto Currency Ban but the Central Bank of Nigeria.
Yesterday a fine was imposed on three big banks for not listening to CBN about blocking accounts that are directly involved in Crypto Currencies ( United Bank of Africa) (Access Bank of Nigeria) and lasty (Stanbic IBTC Bank)
But honestly speaking, the Countries economy getting no further but rather backwards, it's simply been ruled and governed by self-centered, scavenging old dickheads who are simply old school.
But that hasn't stopped Nigerians from holding and buying Bitcoin and other Crypto Currencies, over my ends at a certain time, if you're cut having a trust wallet of Bitcoin wallet, you'll be held by the police, but gradually all of that are no longer done.
With the general elections coming up next year, I'll advise Nigerians to vote for a president that will infuse Crypto Currencies in the system.
Topic: Nigeria Economy before and Now after cryptocurrency Ban. - page 2. (Read 309 times)
Regardless of the ban, I assume Bitcoin is still very much vibrant among a certain population in Nigeria. The ban didn't eradicate Bitcoin. If I am not mistaken, there are a number of users from Nigeria in this forum. And they could probably testify that despite the ban on Bitcoin in their country, they could still buy and sell Bitcoin quite easily.
So whatever happened to the fiat economy of Nigeria, it mustn't have anything to do with their policy on Bitcoin. I doubt the ban has contributed to the falling value of Naira.
So whatever happened to the fiat economy of Nigeria, it mustn't have anything to do with their policy on Bitcoin. I doubt the ban has contributed to the falling value of Naira.
If Nigerian government really cared about their people then the living condition there isn't that much worse there even before the ban and the covid, these politicians care about filling their pockets by exploiting the natural resources and again illiterate government make the life of such people by restricting the available opportunities as well. But people have the choice of selecting the right leaders so until majority of them realize it then nothing is going to change.
Cryptocurrencies are banned in Nigeria by the Central Bank of Nigeria, the government did not ban cryptocurrencies, Nigerians are still easily buying, holding and trading cryptocurrencies. The Nigerian economy is not good right from the beginning after colonial masters left the country, before CBN banned cryptocurrencies, the economy has been falling, it is also falling after cryptocurrencies were banned by the CBN, not that the bad economy is unusual.
It is still legal to own cryptocurrency in Nigeria since its not totally banned but since we are talking about their Central Bank, it affects the decision of the investors. Yes, their economy is not on a good position since then and their politicians still preventing their people to have a decent life at least and have a financial freedom with a help of cryptocurrency, if the government listen to central bank and fully banned crypto, I think they will stay left behind as many countries already sees the importance of cryptocurrency to their economy, Nigeria is still far from rising and becoming a great country, there’s still a lot of problems that needs to be address on this place. that impossible for someone to deal with without being traced nor being watch.Its not surprising that government would really be having that aggressive stance towards crypto due to decentralization aspect.
We've seen several countries had already done such decision but what are the differences or changes? None right?
their government should have evaluated their crypto situation first before moving to this action. they have people who are trying to earn a living via crypto, and if they will remove it, where will they get their money to buy food from. because earning few bucks from crypto matters to these people. and now, their government is hindering them to at least achieve a decent life. just hoping that they will re-consider their position very soon.
Yes they should evaluate those situation since if they didn't act right towards those results and they let their people suffer from unemployment or things that can give them benefits then they are not putting a right person in the set of power. If there government continue to ban crypto on their circulation they should take action on next election day and vote those person who support it and who aim the welfare of their people.
We know crypto creates good in life of all people especially to those unemployed and chances for youth to change their lives is so high so I guess this one really needed to take action especially to their government.
their government should have evaluated their crypto situation first before moving to this action. they have people who are trying to earn a living via crypto, and if they will remove it, where will they get their money to buy food from. because earning few bucks from crypto matters to these people. and now, their government is hindering them to at least achieve a decent life. just hoping that they will re-consider their position very soon.
Every government will have clear visibility of the country's situation. Taking the same into account it needs to make changes to the system. There is a huge number of people who depend on cryptocurrency for their living and this will affect the people. Apart from this the government ranks on the top order in corruption. Making a solution for the same could boost its economy than making bans over the cryptocurrency usage by the common people. 
Cryptocurrencies are banned in Nigeria by the Central Bank of Nigeria, the government did not ban cryptocurrencies, Nigerians are still easily buying, holding and trading cryptocurrencies. The Nigerian economy is not good right from the beginning after colonial masters left the country, before CBN banned cryptocurrencies, the economy has been falling, it is also falling after cryptocurrencies were banned by the CBN, not that the bad economy is unusual.
It is still legal to own cryptocurrency in Nigeria since its not totally banned but since we are talking about their Central Bank, it affects the decision of the investors. Yes, their economy is not on a good position since then and their politicians still preventing their people to have a decent life at least and have a financial freedom with a help of cryptocurrency, if the government listen to central bank and fully banned crypto, I think they will stay left behind as many countries already sees the importance of cryptocurrency to their economy, Nigeria is still far from rising and becoming a great country, there’s still a lot of problems that needs to be address on this place. that impossible for someone to deal with without being traced nor being watch.Its not surprising that government would really be having that aggressive stance towards crypto due to decentralization aspect.
We've seen several countries had already done such decision but what are the differences or changes? None right?
their government should have evaluated their crypto situation first before moving to this action. they have people who are trying to earn a living via crypto, and if they will remove it, where will they get their money to buy food from. because earning few bucks from crypto matters to these people. and now, their government is hindering them to at least achieve a decent life. just hoping that they will re-consider their position very soon.
Cryptocurrencies are banned in Nigeria by the Central Bank of Nigeria, the government did not ban cryptocurrencies, Nigerians are still easily buying, holding and trading cryptocurrencies. The Nigerian economy is not good right from the beginning after colonial masters left the country, before CBN banned cryptocurrencies, the economy has been falling, it is also falling after cryptocurrencies were banned by the CBN, not that the bad economy is unusual.
It is still legal to own cryptocurrency in Nigeria since its not totally banned but since we are talking about their Central Bank, it affects the decision of the investors. Yes, their economy is not on a good position since then and their politicians still preventing their people to have a decent life at least and have a financial freedom with a help of cryptocurrency, if the government listen to central bank and fully banned crypto, I think they will stay left behind as many countries already sees the importance of cryptocurrency to their economy, Nigeria is still far from rising and becoming a great country, there’s still a lot of problems that needs to be address on this place. that impossible for someone to deal with without being traced nor being watch.Its not surprising that government would really be having that aggressive stance towards crypto due to decentralization aspect.
We've seen several countries had already done such decision but what are the differences or changes? None right?
It is still legal to own cryptocurrency in Nigeria since its not totally banned but since we are talking about their Central Bank, it affects the decision of the investors.
How are the investors affected? They can still buy and hold. What is affected are crypto institutions which will not be developed which can be as a result of what CBN did.Yes, their economy is not on a good position since then and their politicians still preventing their people to have a decent life at least and have a financial freedom with a help of cryptocurrency
You can still use cryptocurrencies, then you still have the freedom. Check Nigeria economy before February 5, 2021 when crypto was banned by CBN and compare it to 2015, you will know how Nigeria economy has been bad right from 2015 when Nigeria had the highest gross domestic product. Even the economy has been bad since independence. Cryptocurrencies are banned in Nigeria by the Central Bank of Nigeria, the government did not ban cryptocurrencies, Nigerians are still easily buying, holding and trading cryptocurrencies. The Nigerian economy is not good right from the beginning after colonial masters left the country, before CBN banned cryptocurrencies, the economy has been falling, it is also falling after cryptocurrencies were banned by the CBN, not that the bad economy is unusual.
It is still legal to own cryptocurrency in Nigeria since its not totally banned but since we are talking about their Central Bank, it affects the decision of the investors. Yes, their economy is not on a good position since then and their politicians still preventing their people to have a decent life at least and have a financial freedom with a help of cryptocurrency, if the government listen to central bank and fully banned crypto, I think they will stay left behind as many countries already sees the importance of cryptocurrency to their economy, Nigeria is still far from rising and becoming a great country, there’s still a lot of problems that needs to be address on this place.
Cryptocurrencies are banned in Nigeria by the Central Bank of Nigeria, the government did not ban cryptocurrencies, Nigerians are still easily buying, holding and trading cryptocurrencies. The Nigerian economy is not good right from the beginning after colonial masters left the country, before CBN banned cryptocurrencies, the economy has been falling, it is also falling after cryptocurrencies were banned by the CBN, not that the bad economy is unusual.
Before the ban on crypto trading in Nigeria it was as if the high volume of cryptocurrency transactions in the country was the major issue facing Naira at that moment and being the cause of its depreciation in price and so have a negative impact to the Economy. As at then the exchange rate Naira to Dollar was around #400-#500 to a $1 dollar.
How can high volume of cryptocurrency transactions affect a country's currency, maybe you are mistaking what the actual reason for the depreciation was. Printing more money to help the covid situation which caused inflation, and bad economic decisions probably could have caused that negative impact to the economy you are referring to.Before the ban living were a bit easier then than now for most youths without jobs who engaged on crypto trading and investment.
Then the ban came and brought more suffering and hardship to the youths who was restricted from crypto transactions because to most of them, it was only source of income and they were leveraging from that opportunity due to in availability of job for already graduated and fresh graduating youths.
From my research, crypto is not completely banned in Nigeria, banks and other financial institutions are only restricted from handling cryptocurrency transactions, so don't you think you are making more out of it, people in Nigeria can still use crypto through peer to peer method, and i know they are all doing it that way and nothing changed for them. If a crypto ban is going to have a serious effect like you are saying, then it will be a complete ban, and even if it is people will still use crypto, though illegally then.Then the ban came and brought more suffering and hardship to the youths who was restricted from crypto transactions because to most of them, it was only source of income and they were leveraging from that opportunity due to in availability of job for already graduated and fresh graduating youths.
Before the ban on crypto trading in Nigeria it was as if the high volume of cryptocurrency transactions in the country was the major issue facing Naira at that moment and being the cause of its depreciation in price and so have a negative impact to the Economy. As at then the exchange rate Naira to Dollar was around #400-#500 to a $1 dollar.
Before the ban living were a bit easier then than now for most youths without jobs who engaged on crypto trading and investment.
Then the ban came and brought more suffering and hardship to the youths who was restricted from crypto transactions because to most of them, it was only source of income and they were leveraging from that opportunity due to in availability of job for already graduated and fresh graduating youths.
Taking a look at the Economy then and now there isn't much better changes done to the Economy for banning cryptocurrency transaction, rather the Economy is experiencing high inflation and the price of goods and services are skyrocketing.
Instead of the Naira to even gain value it has suffered further depreciation in price and as at the time of writing, the exachange rate a dollar ($1) to Naira is currently around #580-#600 black market rate compared to what it was before the ban.
SOLUTION
therefore what the Federal Government and central Bank of Nigeria should have done is find a way to regulate cryptocurrency and it activities, this would have created more Job opportunities and help bolster international remittance from profits generated from crypto investment and transaction.
In general I see no sense or positive impact on Nigeria Economy for banning crypto transaction, rather it worsen the state of living for the youths who found thier selves in the business.
Before the ban living were a bit easier then than now for most youths without jobs who engaged on crypto trading and investment.
Then the ban came and brought more suffering and hardship to the youths who was restricted from crypto transactions because to most of them, it was only source of income and they were leveraging from that opportunity due to in availability of job for already graduated and fresh graduating youths.
Taking a look at the Economy then and now there isn't much better changes done to the Economy for banning cryptocurrency transaction, rather the Economy is experiencing high inflation and the price of goods and services are skyrocketing.
Instead of the Naira to even gain value it has suffered further depreciation in price and as at the time of writing, the exachange rate a dollar ($1) to Naira is currently around #580-#600 black market rate compared to what it was before the ban.
SOLUTION
therefore what the Federal Government and central Bank of Nigeria should have done is find a way to regulate cryptocurrency and it activities, this would have created more Job opportunities and help bolster international remittance from profits generated from crypto investment and transaction.
In general I see no sense or positive impact on Nigeria Economy for banning crypto transaction, rather it worsen the state of living for the youths who found thier selves in the business.
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