No law criminalizes trading of cryptocurrency in Nigeria. The recent directive by the Central Bank of Nigeria to banks to stop the processing of crypto related transactions is not based on any law and, hence, illegal. To issue such directive, a court of competent jurisdiction must declare crypto transactions illegal. Alternatively, a law must make crypto transactions illegal.

While the Central Bank of Nigeria has a right to issue regulations and/or policies, such policy cannot be made in vacuum. The ban undermines Nigerians right to property.

With the lack of employment opportunities, cryptocurrency have provided legitimate ways through which unemployed youth can earn a living. Poverty has led to insecurity and unrest, cryptocurrency has provided ways to engage the Nigerian youth positively and indirectly promotes security

Economically, crypto has improved foreign currency liquidity in the economy and improved transnational trades.

We demand an immediate reversal of this policy that undermines Nigeria's ease of doing business plans. #NoToCryptoTransactionBan