Forget all the flimsy excuses CBN is giving about security. A country serious about security does not reward terrorists.

Those who fund bokoharam are supplied FX by the samen CBN on instruction of the Aso Rock cabal.

https://allafrica.com/stories/202011090939.html

So here are my 5 logical reasons for the ban.

1. 2023 Elections.

Nigerian government is used to suppressing funding for opposition prior to elections. The use both the EFCC and CBN for this purpose. The endsars opened their eyes to a new dimension of funding. The know that this new digital funding was beyond the EFCC and CBN. The youth can float a part, fund a candidate and chase the recycled candidates out of power. This is the primary reason.

2, Lack of patronage experienced by bureau the change.

Most people boycott the bureau de change to make remittance these days. Most bureau de change operators are northerners. With their connection to power, they get forex cheap and make billions trading. Like sanusi lamented . One alahaji close to the presidency will be in the garden and they will bring him dollars at the rate used in 2010, he sells to a bureau de change operator at a higher rate and the operator goes on to supply to others.

At the end, its sold to southerners who import and pay school fees abroad. With bitcoin, the south is gaining freedom from the bureau de change operators. They have no need for them anymore. This had to be corrected.


3) loss of confidence in our financial system.

To protect peoples funds from devaluation, alot of people are saving thier funds in digital currency. Though CBN reduce the interest on treasury bills to discourage Nigerians from lending to government, but invest in the country. People have still not gained confidence in the business environment. Crypto currency seems more profitable and safer in the long run.

Even though they reduced interest on treasury bills, the bank interest rate to businesses still remains the same.

Also CBN and dont get to take commision on trade of crypto.

4) Financial slavery

Alot of funds from internet fraud come in through digital currency. Both FBI, CBN and EFCC have no power over it. Unlike before when funds in the account of yahoo boys are frozen and seized, today most of their funds are in cryptocurrency. Where even the US government have no access. So pressure has to be on a borrowing nation like Nigeria to discourage the trade.

5) Lack of creativity.

Those incharge of sensitive positions in Nigeria are insensitive. Its easier to ban than to think. Thats why we attack what we don't understand. In 2021 we are still talking about herdsmen moving cattle around the cities.

Rather than think of how to tap into the digital currency for our own use, we decide to ban. The same country that will spend billions on biometric registration for sim cards, drivers license, voters card, international passport. Will still force Nigerians with these ids to go and line up for nin.

China and india are working on their own digital currency to be backed by gold for more stability.

So these to me are the major reasons for the ban.

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