Reactions from Tech and Crypto Heads Following the Regulatory Warning by the Central Bank of Nigeria on Crypto

“We have issued a directive to remind regulated financial institutions that they are no longer permitted to serve customers that possess body parts consisting of carpals and metacarpals, otherwise known as ‘hands’…”

— Timi Ajiboye (@timigod) February 5, 2021

Also, @NGNToken will save us all. Updates on this front soon.

— Timi Ajiboye (@timigod) February 7, 2021

#NigeriaNeedsCrypto

— YB 🌔 | #NestShip (@YeleBademosi) February 5, 2021

Wartime CEO.

— Product Guy (@atsudavoh) February 5, 2021

I'm predicting this first. All the fintechs / crypto companies who reported their numbers recently will do the same volumes, if not more by December for 2021. Just watch.

— Product Guy (@atsudavoh) February 7, 2021

How Fintech founders sleep in Nigeria pic.twitter.com/gCWwsfkyMO

— Chaos Coordinator (@OdunEweniyi) February 5, 2021

We went back to the stone age again. pic.twitter.com/Dmg80ovptm

— Osaretin Victor Asemota (@asemota) February 5, 2021

Innovation is not zero-sum. Regulation is zero-sum.

— Osaretin Victor Asemota (@asemota) February 5, 2021

You can't successfully regulate what doesn't threaten anyone and is useful to everyone.

— Osaretin Victor Asemota (@asemota) February 5, 2021

Two step forward, one step back…

— CZ 🔶 Binance (@cz_binance) February 5, 2021

This is what happens when one tries to "ban crypto" 👇.

If you have $NGN on Binance, you can:
1. withdraw NGN soon, or
2. convert to #crypto and hold it

It is likely that the Nigeria banks will stop working with exchanges. P2P trading will likely flourish as a result. https://t.co/GhA6M2GMOg

— CZ 🔶 Binance (@cz_binance) February 5, 2021

We’re supporting our friends in Nigeria right now. P2P is the way forward. The Nigerian people always find a way—true leaders of #bitcoin https://t.co/Uqc9vVe899

— Ray Youssef (@raypaxful) February 6, 2021

Good luck trying to stop the Nigerian people. Their business acuman and hustle is legendary. Paxful volumes are moving up and we are gearing up for the big shift. P2P cannot be stopped. https://t.co/zPHsYMvlRj

— Ray Youssef (@raypaxful) February 6, 2021

Source: Nairalytics, CEOWORLD pic.twitter.com/cSFCBfmbGE

— Nairametrics (@Nairametrics) September 21, 2020

pic.twitter.com/NRFTXzqfMi

— Fola Olatunji-David (@folasanwo) February 5, 2021

BTW, the amount of BTC/NGN traded daily on Crypto exchanges (between N20 – N25 billion daily) is at least 4 times the value of trade done on the Nigerian Stock Exchange on most days (it was N5.6 billion today).

— Tola (@adetolaov) February 5, 2021

Never underestimate a people who must innovate in order to survive.

— Tola (@adetolaov) February 5, 2021

Winter is coming.

— Tola (@adetolaov) February 5, 2021

Out of all the problems we are facing in Nigeria, how is banning cryptocurrency the solution??
For goodness sake!!!
A lot of Nigerians are largely invested in cryptocurrency.
How do you make decisions like this without considering the effect it will have on the people??

— MrMacaroni (@mrmacaronii) February 5, 2021

Just recently, Nigeria was ranked second in the Bitcoin market after the U.S!!!
Just look at what our Government is doing to a very powerful and promising industry!!! The world is going to move on and leave this country far behind 🤦🏾‍♂️ https://t.co/q7u9qfI7mv

— MrMacaroni (@mrmacaronii) February 5, 2021

1/2. Hello users, we appreciate everyone who has reached out to us, just like you are, we are aware of the latest CBN circular, and are working with partners and regulators to ensure compliance, Please note that trading on the Naijacrypto exchange continues as usual…

See also

REGULATION | Ethiopia Floats Exchange Rate in a Significant Policy Shift as it Intensifies Reforms Towards a Free Market Economy

kodzilla·July 29, 2024·2 min read

— Realnaijacrypto (@naijacrypto2) February 6, 2021

They say you cannot entrepreneur or innovate your way out of a restrictive & uncooperative policy environment; but in Nigeria we will try! 💪🏿 #Crypto

— Kola Aina (@kola_aina) February 5, 2021

You can’t ban crypto.

All you can do is make (off/on) ramps clumsy.

— Kola Aina (@kola_aina) February 5, 2021

Nigerians are resisting the CBN’s crypto ban with #WeWantOurCryptoBack hashtag https://t.co/9ZJzmqsgCt via @ynaija

— Nigeria Newsdesk (@NigeriaNewsdesk) February 5, 2021

Didn’t y’all read @StearsBusiness piece on cryptocurrency vs the Nigerian state? Governments around the world are in the boxing ring with the same crypto monster 😃 only that they’re a century wiser than Nigeria and seem to be developing future-proof policies.

— Shakir AKOREDE (@akorive001) February 5, 2021