Crypto Ban in Nigeria And Possible uplifting of the Ban: Introduction of CBDC (e-Naira)

Many people have been wondering why crypto was ban in Nigeria, the digital currency was in no way harming the political system or how the administration was been run, so why the ban?. You must have heard of the world famous END SARS PROTEST that took place in nigeria in the year 2020.

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September and October, due to the police brutal way of handling things, especially to the youth, the general opinion was that they believe it is wrong of anyone in their 20s to be quite successful or own a car, when they see a young fellow driving or who looks good, they stop and harass such person and collect money from the person, if such fellow refuse to compile with them, the police get them arrested and some got killed.

This is what prompt the protest in the first place, though, my personal opinion was that, the police men were underpaid and this is what led to way and manner they operate but now things have gotten out of hand, and this led to the protest. The protest was so enormous that the citizens of Nigeria from another country join the protest and twitter, one of the most used social media at that time was used to spread information about the protest. The president made a tweet about dealing with the southern people of Nigeria and this tweet look like a threat, due to this fact, twitter remove the tweet because of the content which really got the president Angry, To help the continuation of the protest, many people donated money for the protesters through crypto currency, many donation was made via different coin and I'm sure BCH never stood out, with this they had food, shelter, money and many more, the protest lasted longer than any other protest that has ever happen, after the FEDs discover how the funding of the protest had happen, February 5th 2021, the central bank of Nigeria (CBN) issue a notice that all financial institution in the country should shut down all dealing with crypto currency and crypto traders, this started the ban of crypto in Nigeria. On 5th June 2021, the Nigeria government ban twitter and restricted all it activities in the country, with this, it was hard to pass information because many people were already used twitter for circulating information, many businesses were shut down and a lot of many where lost.

Shortly after all this propaganda in the country, the government introduce the E-Naira which is also a digital currency, many of you must be familiar with CBDC, the CBDC means Central Bank Digital Currency as many other country also practice it, it refer to the virtual form of a fiat currency, doesn’t go up or down. With the current situation in the country, establishing the e-naira was proving difficult. Recently on the 12th of January 2022, the Twitter ban was lifted and the citizens of Nigeria can once again use Twitter, many claim the reason for the removal of the ban was to please the citizens due to the forth coming 2023 general election, which if you look well into it, it does make sense, well, the lifting of the Twitter ban Is the first step taken by the FGN to calm the citizens and I know for sure, the next on the agenda will be to lift the Crypto ban that is still in effect till date. The election is very important to them and they know the citizens have the power to place and remove any government which they aren't please with, so to gain the people support they would do anything and one of that thing which had been a setback for the people of Nigeria is the placement of ban on Crypto, with time, there is a possibility of Crypto currency coming back to Nigeria and gaining it legitimacy.

I will be stopping here today, I hope I have been able to share some knowledge with you. If yes you know what to do. You can also check me out on other platform noisecash

Article type: Crypto ban
Date: 17/01/2022
Time:9am
Author: Fash Tioluwa