The social media space in Nigeria has been awashed with reactions from users across the world following the new regulation on crypto transactions by the Central Bank of Nigeria (CBN).
The apex bank had on Friday put out a statement via a letter to Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs), to stop transactions relating to cryptocurrencies, citing its concern about the risk associated with coins.
According to the CBN, “dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited”.
Nigerians then took to social media to react to the development, with many slamming the federal government for what they considered to be a retrogressive action.
Now that they've banned crypto,
expect things like Dangocoin, Cowcoin, Fulacoin, Buhacoin, Crowwecoin, APCcoin Osibancoin, Tinucoin, Yahacoin, Bokocoin, Kidnapcoin, Bandicoin & more
You never knew you were Adamu
when voted for the competent Buhari
here in Nigeria.
— I Z U (@heisizumichaels) February 6, 2021
We Need To Open Up Our Economy, Not Close It
The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy and is exacerbating insecurity in the nation.
— Atiku Abubakar (@atiku) February 6, 2021
This cryptocurrency ban is a reminder that Nigeria's elite are not interested in pulling up the country. They are only interested in their own irrational self-interests. A primitive money-grubbing class that can make profit only by taking and monopolising the country’s resources.
— Ayo Sogunro – #Transformist; #EndSARS (@ayosogunro) February 6, 2021
We lamented for years to end Open grazing & #EndSARS but they kept quiet, now they ended #Bitcoin overnight.
Soon the police will harrass the youths for having crypto wallet on their phone, Buhari has given these animals licence to continue what we peacefully protested for. ? pic.twitter.com/ZNWTVVUB8I
— ????? ????? ???????? (@IsimeNancy) February 6, 2021
How to buy crypto on @binance using P2P feature coming in shortly !
Dear coconut head generation, we must use all legitimate means to liberate ourselves financially!
— Tosin Olugbenga (@TosinOlugbenga) February 6, 2021
Do governments realize that banning crypto won´t change a thing??@cctip_io airdrop 6854 gor 321
— EcoCoin (@EcoCoin1) February 6, 2021
But reactions grww to a whole different level on Saturday morning as Nigerians on Twitter trended the word CowtoCurrency in relation to the recent ban on cryptocurrency.
The word was first tweeted by former Presidential Aspirant, Adamu Garba, who quoted his earlier tweet about cow ranching being a better business.
“When the estimated 33 million cattle in Nigeria are ranched, the economic value chain is enough to power many processing industries in Nigeria, create jobs & help in bringing lasting peace between our valuable farmers & herders.”
Nigerians latched on it, taking the opportunity to disagree further with the policies of the Nigerian state which they say are not helping the citizens in any way.
CowtoCurrency Networking. Join the trend. Hugely profitable!!! https://t.co/6F9SxfpUdn
— Adamu Garba II (@adamugarba) February 6, 2021
The future is cowtocurrency
— Loladè (@Lolade4PF) February 6, 2021
Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment.
Cow Ranching business is more lucrative than all cryptocurrencies combined.
— Adamu Garba II (@adamugarba) February 5, 2021
Adamu said cowtocurrency over cryptocurrency
Omo make the person wey dey watch this Nigeria movie press pause make we rest small abeg ?
— Attah of Nigeria?? (@Akortainment) February 6, 2021
So how can I buy some CowtoCurrency and BitCow?
— ???? ?? (@sincerelydami) February 6, 2021
History will go down till ages that a COW RULED the most population black nation on earth from 2015-2023
What a misfortune⁉️ https://t.co/PnEVXeTpzv
— The Sane One (@AboluwadeCephas) February 6, 2021
Very soon, everyone with mobile phones will not be safe in this country.
The government will begin to arrest us all. If crypto currency is now illegal, I mean what else is left for the youth in a country where unemployment is the order of the day #EndSARS pic.twitter.com/CcMH9WVoQf
— IJEBUU (@ijebu_) February 6, 2021
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