Because a poor and vulnerable population is easy to control. They are scared that if people look for other ways of earning wealth away from their reach, then that would mean that they would not be able to control and manipulate the population.

It's a war the Nigerian Government will never win, the best thing they would try to do is maybe regulate crypto trading and maybe tax, but banning? Impossible.

It's so disheartening how the Nigerian government are the ones terrorising the same country they're being voted to governed. Though, there are many society causing chaos in Nigeria like Boko Haram, Biafra to mention few. But the truth of the matter is the fact that, the Nigerian government are the ones committing the highest crime in history. Well.. I have no idea if your state are experiencing this same bad governance too but this is a country I was born and raised so I know statistically how bad the county are being ruled and its current condition. The leaders have no integrity when it comes to money, which however make them more centered on their own self-interest while the country economy is dying on a dailies.


You're very correct. But I'm afraid I might consider leaving the country in the nearest future if this unpleasant continues. Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

Nigeria has lost it completely 🤦‍♂️

Nigeria is oil rich country and member of OPEC but its heartbreaking to see its internal conditions. I mean they have greatest resource any country can dream of but they are not utilizing it for there own development.

Leaving your own country is not an option for everyone, since not everyone is that rich.

Nigeria govt must focus his attention on core issues rather curbing the crypto enthusiastic. In p2p wallets, there is no way any organization can catch the crpto user. It will be just wastage of time chasing such guys.

Well I believe the banning of crypto exist in that country but I really don't care they will detained people especially minors for just downloading the app and if that really happen there for sure a huge protest will happen. I also need to see the source first before giving a conclusion towards that implementation, But I do hope all of crypto user there is fine and this kind of banning will be lift out by their government.

8 years later than the US...
I always warned poeple that just because you do P2P transactions it doesn't mean you're safe, and even if you deal with a trustable guy in the market you're still exposed.

Just talk to your friends who are not into crypto and ask them how many bank transactions with other poeple they do a year, the number is minimal. Somebody who is active on p2p is doing hundreds a month, a simple query from the bank and they can track him easily. And all they have to do is pick one by one the guys who have sent him or received money from him. Easy as ....pie!
It takes one transaction from an undercover agent to find the account of that trader, then the bank will give the police the entire list with everyone connected to that account, then they will pick those and see where it spreads.

In this case, you don't try to hide all your life, you try to change the laws.
I always see poeple from Nigeria bragging that there have 10, 20 even 30% of the population involved in crypto, where are those 60 million protesting about these laws?

Because of the ban imposed by CBN the daily transactions of Nigerians using P2P via binance had drop drastically infact thevnews article below said it all. But trust Nigerians they will always find a way out, crypto has come to stay I don't think there is any clamping down or banning from the government can stop crypto enthusiasts from using it, especially Nigerians whose teeming unemployed youths had fully embraced crypto trading as their main source.https://nairametrics.com/2021/11/15/nigerian-bitcoin-p2p-trading-weekly-volume-drop-for-by-43/ income.
Link:

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

I don't know about the product introduced if this is true then maybe this could be a source of corruption since this could be used for certain things which the politician could benefit. Maybe people should boycott if something like this will come to them so that they will realize that crypto is important and they could adopt it since this is the most preferred currency by majority of their citizens.

I think that it's relation is about that they'll build their own crypto soon so they're trying to remove the barrier and that's through banning. I also think that the banning sequence will stay for long. Just like India, they've been known for banning crypto but eventually has decided to regulate it. So this is going to be in the same shoe as Nigeria that they'll look at that matter because it's going to work for them and their citizen to have a regulated crypto market within their country.