Nigeria – we are unique. Yes, the Central Bank of Nigeria (CBN) has released a regulatory hammer: all cryptocurrency entities are banned in the Nigerian banking system. So, exchanges, participants, brokers, dealers, crypto-fintechs, etc are banned. Sure, things will get crazier now as these guys will move to the black market as I am sure no CBN rule can stop young people and their cryptocurrencies.
People will be crying in Lagos now as there are many crypto exchanges that would see their accounts CLOSED immediately. Yet, you cannot blame CBN – it has access to data many of us do not have and you need to respect its position on this.
However, I wish it has done it differently, by having a clear roadmap as I have hinted in the past here.
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The emperor has spoken! No reasons, no explanations, just absolute compliance! That was how the Boko Haram founder was killed, and the country is yet to emerge from that strategic blunder.
We do not know how to engage in intellectual debates, we do not know how to experiment; all we do with reckless abandon is issuing orders and reining insults on whoever disagrees.
The dearth of leadership qualities is dizzying and alarming, and the outcome has been a dysfunctional system all round.
You flog a child, you refuse to tell him the reason for the lashing, and still warn him not to cry! This is how Nigeria handles her citizens.
Until we learn how to communicate and debate intelligently, we will keep botching everything here.
Our shortcomings and inadequacies are too many, yet we have zero desire or ambition to improve.
Nigeria, we hail thee!
*raining
Awesome – great comment
The communication was so poor and abrupt.