The decision of the Central Bank of Nigeria (CBN) to blacklist bitcoin, ethereum and other cryptocurrencies could result in capital flights to neighbouring African countries, observers say.
The CBN, on Friday, instructed Nigerian banks and other financial institutions to stop all crypto transactions and block all accounts used for crypto trading.
The move, critics say, will impact negatively on young Nigerians who rely on cryptocurrencies to receive international payments.
Such persons, observers say, may be forced to move their digital money to other African countries where they are allowed.
One of such countries is Ghana.
“Open a bank account in Ghana, send your crypto to the your bank account in Ghana, send your money from there to your Nigeira account,” Twitter user hardeckxpro_ wrote after learning about the ban.
Other crypto users are also thinking about using the digital currency peer-to-peer. This, in layman’s terms, means that crypto users can trade the currency with each other without relaying on a third party.
Users also say they can bypass the ban by funding their bet accounts, especially ones that are based overseas, with crypto if allowed. The funds can then be transfered to any bank account of their choice.