How the Nigerian Government’s Issue with Cryptocurrency may have a Political Undertone

In terms of justice and fairness, many within and outside the Nigerian nation believe the country is backward. This belief has been validated by a series of happenings that have taken place in the country especially in recent times.

For instance, the government was reported to have ordered the massacre of innocent and non-violent protesters at the Lekki tow gate on the 20th of October 2020. Furthermore, various parts of the country have seen armed herdsmen violate various parts of the land by destroying lives and properties.

The most alarming thing is how the presidency is somewhat silent about the activities of these set of people as it was during the Lekki Tow gate massacre.

In a recent development, pertinent financial key policymakers in the nation have hit hard on the Cryptocurrency market in the nation. They have banned the sale, purchase, and general trade of this digital currency.

Public Outrage over Strict Restrictions on Cryptocurrency in Nigeria

Of late, the Central bank of Nigeria enforced laws mandating banks to play down on cryptocurrency dealing in the nation. In light of this, many people in the nation have been outraged and expressing their displeasure.

One Cryptocurrency trader in the country explained that “the Buhari led administration stands for everything evil and backward. This administration will do anything and everything to ensure that all is not well for the masses. It is a pathetic situation. Within the space of 24 hours, I have been unable to access Bitcoin funds worth over 10 million Nairas because of a government that is intent on frustrating the masses”

Another trader explained that “there is an all-new level of unemployment in the nation. Many graduates are done with school and national service but cannot make something meaningful of their lives because of the scam called Nigeria. As if this sad reality is not enough, the administrators have come hard on a platform that is fast becoming the livelihood for youths who are insistent on not making ends meet through cybercrime and other illegitimate means. These leaders and policymakers are enemies of progress”.

Supposed Reason for the Restriction

Many of the masses and big earners in the Cryptocurrency market believe the decision is not in the best interest of the country but politically motivated. It is believed that the platform offered a viable means for organizers to raise funds for the END SARS protest even when the accounts of many protesters were frozen.

In the same vein, support for the movement of Sunday Igboho has also received massive support via this channel. So, many believe the decision is politically motivated to frustrate legitimate and illegitimate uprisings against the current administration. One thing is certain in all of this. The masses are getting fed up and Nigeria may be a collapsing nation.