Cryptocurrencies eliminate the need for banks and other financial intermediaries in managing exchanges of currency and assets. Despite the technology being decentralized — with no government, company or person controlling it — the Central Bank of Nigeria (CBN) is cracking down on the trade of cryptocurrencies. Last Friday, the CBN instructed commercial banks and other financial institutions to close accounts involved in transactions with cryptocurrency exchanges. Before the ban was introduced, Enogieru Osasenaga invested 100,000 naira (€216, $263) in Bitcoin, the world’s first decentralized digital currency. A week later, its value had doubled. Tesla CEO Elon Musk tweets regularly about cryptos. Bitcoin pumped nearly 15% on …
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