Nigerian crypto investors using peer-to-peer (P2P) services have expressed concerns about the Central Bank of Nigeria (CBN) flagging their bank accounts. CBN’s decision to flag accounts is believed to be in relation to the near $6.3 million (2.9 billion nairas) Flutterwave hack, as the bank accounts have yet-to-be-proven affiliations with the hack.
CBN Flags Bank Accounts:
The Central Bank of Nigeria (CBN) has been flagging bank accounts of Nigerian crypto investors who use peer-to-peer (P2P) services. The decision by the CBN is believed to be related to the recent Flutterwave hack, in which nearly $6.3 million (2.9 billion nairas) was stolen. However, the bank accounts being flagged have yet to be proven to have any affiliation with the hack.
Concerns of Nigerian Crypto Investors:
Nigerian crypto investors who use P2P services are expressing concerns over the CBN’s decision to flag their bank accounts. Many of these investors rely on these accounts to conduct their daily transactions, and the flagging of their accounts could cause significant disruptions. Additionally, the investors are concerned that their accounts are being flagged without any evidence of wrongdoing on their part.
Impact on Nigerian Crypto Market:
The flagging of bank accounts by the CBN could have a significant impact on the Nigerian crypto market. Many investors may be hesitant to continue trading in crypto if they fear that their accounts could be flagged by the CBN. This could lead to a decline in trading volume and overall market activity, which could have negative consequences for the Nigerian economy as a whole.
Calls for Clarity:
In response to the flagging of bank accounts by the CBN, many Nigerian crypto investors are calling for greater clarity on the situation. They are asking the CBN to provide evidence of any wrongdoing on their part, and to clarify the criteria being used to flag accounts. Additionally, they are calling on the CBN to work with them to find a solution that allows them to continue using P2P services without fear of having their accounts flagged.
The flagging of bank accounts by the Central Bank of Nigeria has caused concerns among Nigerian crypto investors who use P2P services. Without greater clarity and evidence of wrongdoing, investors may be hesitant to continue trading in crypto, which could have negative consequences for the Nigerian economy. It is important for the CBN to work with investors to find a solution that allows them to continue using P2P services while ensuring the security of the financial system.