Nigerians on X (formerly Twitter) have been buzzing about the digital asset trading platform CBEX in recent weeks. These reactions have sparked intense debates, polarized reactions, and widespread concern.
Up until now, the platform was marketed as a global leader in digital asset trading in Nigeria and around the world. Recently it has been accused of operating as a Ponzi scheme, with many users reporting withdrawal issues fueling public outrage.
On social media, the reactions are mixed, with some users defending CBEX, with claiming that it remains a legitimate investment opportunity.
In the article, we will understand in detail, Why Nigerian are reacting to CBEX on X, the nature of CBEX, and every other thing you need to know.
What is CBEX?
CBEX is a short form for Central Bank Exchange. It is a digital asset trading platform that promises high returns on investment to Nigerians.
Some users claim to have made profits as high as turning $1,000 into $5,000 in a short period. Just like many other trading platforms, they offer options such as USD- and coin-margined contracts.
CBEX prides itself as a decentralized trading platform, appealing to Nigerians seeking a quick way to make profits in the volatile world of cryptocurrencies and digital assets.
In recent times, Nigerians have raised concerns about CBEX’s operations, since it is not registered with Nigeria’s Securities and Exchange Commission (SEC).
Other reasons for people suspecting the platform as being a Ponzi, is the promise of high returns with no reported losses. Returns for earlier investors are paid using funds from newer participants.
The Spark: Social Media Allegations and Withdrawal Issues
CBEX has increasingly come under fire over multiple controversies since early April 2025, when posts on X began highlighting concerns about the platform.
The starting point came when a popular X user, @Letter_to_Jack revealed an individual who had allegedly turned a $1,000 investment into $5,000 on CBEX. The user also went on to label CBEX a “classic Ponzi scheme,” citing its suspiciously consistent returns and lack of transparency as red flags.
After this post went viral, reports emerged that CBEX had disabled withdrawals, leaving users unable to access their funds.
Another social media influencer @poojamedia, tweeted on April 11, 2025, “Cbex is gone? RIP to all withdrawals,” amplifying fears that the platform had crashed.
Many other users on X went on to share stories of how much they had lost, with some claiming to have lost over 2 million Naira (approximately $1,200 at current exchange rates).
The hashtag #CBEX began trending, with posts reflecting a mix of panic, frustration, and scepticism.
Divided Reactions on X
So far, Nigerians on X have shared divided responses to the CBEX saga. While there are sceptics and critics, there are also defenders, loyalists, and victims.
A good number of X users, including influencers and tech enthusiasts, have labelled CBEX a Ponzi scheme. They have used the withdrawal issues and unregistered status with the Sec, as evidence to back their claims. @JusticeOchapa
Posted on April 13, 2025, calling CBEX a “TRAP” and breaking down why it exhibits Ponzi scheme characteristics, such as promising unsustainable daily profits of 4.8%. Critics have urged users to exit the platform and avoid similar schemes, drawing comparisons to past scams like Qubitscube.
Despite the allegations, some users come out to defend the platform’s legitimacy. Users like @BlessedAjoke claimed that withdrawals were only temporarily paused until April 15, 2025, and dismissed collapse rumours as “fake news.” Others, such as @0kparam, accused sceptics of spreading negativity out of envy or ignorance.
Regulatory Response: SEC Steps In
Nigeria’s Securities and Exchange Commission (SEC), made a response to the CBEX saga on April 14, 2025, during a virtual engagement with fintech stakeholders.
SEC Director General Emomotimi Agama, while speaking pointed out that any digital asset platform not registered with the SEC is illegal. While not directly naming CBEX, Agama’s comments were widely interpreted as a warning about the platform, especially given its absence from the SEC’s database of registered operators.
SEC backed the recently signed Investment and Securities Act (ISA) 2025. The law empowers the SEC to prosecute operators of Ponzi schemes, with penalties including up to 10 years in prison and fines of N40 million (approximately $24,000).
Why Nigerian Fall Victims to CBEX and Other Platforms
Over the years, Nigerians have been victims of Ponzi schemes this alone has led many to remain skeptical about CBEX.
Here are some socio-economic factors driving interest in platforms like CBEX:
High Poverty Rates
Nigeria faces significant economic challenges, with a large portion of the population living in poverty. Platforms like CBEX promises high returns which means quick cash for many.
As @JuliusElum noted on X, “CBEX is a Ponzi, getting traction because of the 90% high rate of poverty in Nigeria right now. The poor are often the addicted gamblers.”
Unemployment and Economic Instability
Another reason is the high rate of unemployment and economic instability, which in recent times have been an issue. The volatile exchange rate (1 USD to NGN 1,665 as of April 2025), has led many Nigerians to seek alternative income sources.
Crypto Adoption and Financial Inclusion
Since Nigeria is a global leader in cryptocurrency adoption, platforms like CBEX capitalize on this trend. These platforms lure gullible crypto novices who are unaware of the lack of regulation in the crypto space.
Social Media Influence
Now more than ever, social media influencers tend to endorse numerous digital platforms which leads to rapid adoption of the platform.
As of April 15, 2025, the future of CBEX remains uncertain. While some users hold out hope that withdrawals will resume, many others continue the conversation of the platforms genuine on X.
Sources
- Legit.ng “Man Who Predicted Crash of Cbex Platform in March Goes Viral”
- Tribune Online “EXPLAINER: Why CBEX is trending on X”
- Nairametrics “SEC reacts to CBEX operations in Nigeria amid concerns over closure”
- Independent Newspaper Nigeria “CBEX Exchange Unveils USD, Coin-margined Contracts”
- Various X posts reflecting public sentiment
