The recent Central Bank of Nigeria’s directive BSD/DIR/GEN/LAB/14/001 prohibiting commercial banks and other financial institutions from transacting and allowing payments to be made through their platforms has thrown the whole country into a frenzy. While the CBN justified the controversial directive by alluding to the volatility, anonymity and crime-enhancing nature of crypto-currencies, many Nigerians have accused the apex financial regulatory body of being backward and not in tune with global technological trends and innovations.
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