INVESTIGATION: Why CBN banned Cryptocurrency

By AdvocateNews on 08/02/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 2,471


More facts have emerged on why the Central Bank of Nigeria (CBN) decided to ban cryptocurrency trading in the country.

The apex bank prohibited dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges last week Friday.

Investigations by THISDAY have revealed that, the federal government and the CBN were warned by the United States’ Federal Bureau of Investigation, (FBI), on the activities of fraudsters using cryptocurrencies to bring into
the country hundreds of millions of US Dollars illegally obtained from the USA and other Western economies.

This was said to have particularly targeted Covid-19 stimulus packages designed to cushion the impact of lockdown measures on businesses and working families in these countries.

According to THISDAY investigation, “FBI had discovered that fraudulent Nigerians, popularly known as yahoo boys, took control of large chunks of money released as stimulus in the wake of the devastating effects of the Covid-19, which has put many Americans out of jobs.”

In order to avoid detection, these fraudsters had been sending millions of dollars to Nigeria through cryptocurrencies. This made it difficult for the authorities in both Nigeria and the US to trace the illicit monies.

However, before these funds were used to destabilise the Nigerian economy, the CBN had to wield the big stick.

In the last six months, Nigeria is said to have become the second country in the world with the biggest cryptocurrency transactions.

According to highly placed sources within the presidency, “These fraudsters remitted between $200 and $300 million to Nigeria every week, using cryptocurrencies.

“The Central Bank and the federal government were clearly alarmed by this development and had to act fast before irreparable damage is done to the economy.”

Even more disturbing was that intelligence reports indicated that kidnappers had switched to bitcoin for ransom payments, making it increasingly difficult to trace.

Posted 08/02/2021 05:26:13 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
HOW FULANI HERDSMEN BREED HUNGER IN THE LAND...

Adeboye defies Twitter ban, says tweeting is within...

IPOB: Trial of Nnamdi Kalu adjourned to November...

Sit-at-home: Full compliance in Enugu, economic activities grounded...

2019: FG plans to frame me, give me...

Nigeria is a failed state, Nnewi Anglican Bishop...

Buhari fires first campaign shot at Atiku

FG moves to wiithdraw Operational Licenses of 8...

Umahi raises the alarm on plots to incite...

Okorocha’s govt shunned TSA, operated 250 bank accounts...

BREAKING: EFCC Chairman slumps at Aso Rock

Trucks crush six to death after brake failure...

 

Latest News EFCC arraigns Cecilia Osipitan for N6bn PHCN insurance benefit fraud Enugu govt extends verification of status of monetized quarters Reconsider 1989 Constitution, it has solutions to crisis of governance, Falana tells Senate Anambra 2021: Accord Party’s Chairman, guber candidate -Maduka debunk defection of running mate Two prospective NYSC Corp members heading to camp abducted by bandits Seven university professors, 65 others elevated to SAN How female graduate awaiting NYSC call-up was lured, killed Anambra 2021: Supreme Court declares Ozigbo authentic PDP candidate Enugu fire Service releases emergency call lines, gets two additional water tankers Supreme Court drops SAN designate 24 hours after endorsement FG blames Nnamdi Kanu for murder of Akunyili’s husband, Gulak, 184 others ESCET receives Ethics Compliance Award

 

Most Read Ugwuanyi commends FG’s siting of ICT University in Enugu (191,334 views) Sickle cell support group seeks government intervention (191,334 views) Ebonyi bans embalming of corpses in homes (191,334 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (191,334 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (191,334 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (191,332 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (191,328 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (191,167 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (186,817 views) ASUU strike: Senate intervention ends in deadlock (186,095 views) All you need to know about Peter Obi, PDP VP Candidate (148,576 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (146,886 views)

 

 

SECTIONS FAITH (158) EDITORIAL (18) NEWS (6,990) POLITICS (495) SOCIETY (131) SPORTS (53) BUSINESS (367) HEALTH (58) EDUCATION (49) ENTERTAINMENT (51) INTERNATIONAL (178) TECHNOLOGY (6) COLUMNISTS (57) LETTERS (4) OPINION (39)

 

 


There are no video entries posted yet.