The leader of Indigenous People of Biafra, the largest mass movement, Mazi Nnamdi Kanu has condemned the decision of the Nigerian government, through its apex bank - Central Bank of Nigeria, to ban bitcoin and cryptocurrency transactions in the country.
CBN, on Friday February 5, issued directives to all banks and other financial institutions to, as a matter of urgency, stop any transaction that involves cryptocurrency as well as blocking accounts of Nigerians dealing in bitcoin
In the past few weeks, trading in Bitcoin and other cryptocurrencies has skyrocketed as the global economy becomes increasingly volatile. Nigerians have started utilising crypto transactions to avoid the numerous challenges faced with traditional money transfer services.
In 2020, crypto marketplace Paxful reported that Nigeria had the world’s second-largest Bitcoin by trading volume. In the last five years, Nigerians have traded 60,215 Bitcoins, or more than $566 million USD, it was reported.
Crypto ban has also triggered furore amongst many Nigerians including the former Nigerian vice president, Atiku Abubakar, who condemned and requested that crypto embargo be lifted immediately to ameliorate economical hardship on Nigerian youths that utilizes the bitcoin platform.
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Kanu, who vehemently kicked against the CBN decision via his authentic Twitter handle on Monday, said the cabals controlling Nigeria is steering it to disaster while calling on Nigerians to jump out of the ship (Nigeria) now by supporting Nigeria's dissolutuon.
According to him, "‘Governing a country is like steering a ship. If the captain is not able to hold a steady course, the voyage will end in disaster for all’ (Cicero).
The cabal controlling #Nigeria is steering it to disaster. Jump ship NOW before it happens. It’s #bitcoin & #crypto. What’s next?"
Reviewed by Okenwa Chinedu
on
February 08, 2021
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