In order to create a safe and conducive environment, different countries and nations come up with rules and regulations to prevent any form of threat to their country welfare. when it comes to this laws created for some specific purpose, there are a lot at stake and it goes beyond the welfarism of the country. there are a lot of political influence that forms the basis of the creation and foundation of such policies.
Nigeria being a sovereign state has its share of insecurities, in order to make sure to curb the rate of insecurity in the financial sector or restrict the rate at which terrorist organisations are funded and decrease the rate at which some business tycoons launder money through the use of crypto currency, some kind of Ban was placed on trading of crypto currency in Nigeria. Though the governor of central bank of Nigeria made it clear in an announcement in 2021 that there is no such thing as crypto currency ban because the usage and activities of crypto currency is outside the boundaries of his authority, not part of the banking sector of the country.
But there was a funny clause in his statement when he mentioned that, the ban is only applicable to usage of commercial banks for crypto currency trading. which makes the trading of crypto currency looks legal in Nigeria but in the background it is not due to the restrictions and sanctions placed on the commercial banks as crypto currency is not recognised as legal tender . in the last quarter of 2021, different commercial banks made an announcement broadcasted to their users through emails about the usage of their services in crypto trading which might attract some complications.
As time passes by, the ban loses its grip and signicance, due to this some banks abandoned these policies and become listed again on crypto currency trading sites and Apps but most banks are yet to do the same which means in one way or the other the ban is still there, it has not been officially removed. I'm aware of some threat that can arise from usage and trading of crypto currency but the CBN can come up with other strategies and procedures to curb such threats, instead of placing a ban on crypto being a potential source of income for most Nigerians, especially in this time of inflation and economic crisis.
So if I'm in a position of authority to remove a specific ban or restriction, removing of the sanctions placed on commercial banks in dealing with crypto currency is something I would love to remove totally. Every individual financial records can be traced through the BVN and moreover what is the point of placing such Ban on commercial banks when virtual banks can be used for these transactions, isn't that ridiculous.
SOMETHING I WOULD REALLY LOVE TO BAN IF I COULD.
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A lot of people might not be familiar with this, especially if you are not a resident of Lagos State, there is this group of people who usually stand on the street to obstruct the daily activities of commercial bus, cars, bikes, motorcycle. it happens almost everywhere in Nigeria but it is more rampant and common in Lagos State.
They are known as Ticket touts or Agbero a group of individuals whose primary duty is to collect transport taxes from commercial bus, cars, bikes, motorcycles on daily basis. either by force or they submit willingly to avoid conflict or their vehicles being vandalised. though most people might think this money being collected is going into Lagos State account but it is not, it is going directly to private pockets of chairman and thugs. As at 2021 an estimation of over ₦6.75 billion per month and ₦82.125 billion per year, is collected by this ticket touts for busses only. you can read further in this article.
That is as at 2021, meaning it would have tripled because the ticket price has increased significantly over the years, the amount above is for busses alone, now add it to the amount collected from bikes and motorcycles on yearly basis. if this money is not collected to fund projects in the state, then what is the point of it? hard earned money of commercial drivers going directly to private pockets, mostly used by all this chairmans for drinks, fornication e.t.c
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There are some accident that occur due to commercial drivers running to avoid this ticket touts and also unnecessary traffic hold up and it has also caused increase in transport fare. the way they treat this commercial drivers as if they are working for them, it is just so disheartening that something as unethical as this is going on and the government is feigning ignorance to it because we have individuals in government that makes billions of naira from this. if I'm in a position of power, I will definitely ban this creatures, eradicate this do called Agbero plaguing my country like disease.
This write-up was inspired by weekly featured content titled "Un-Ban" in hive learners community.
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