UA-201076440-1 Atiku Abubakar faults CBN’s decision on cryptocurrency >> Trustsammy


Former vice chairman Atiku Abubakar has criticised the choice of the financial institution of Nigeria (CBN) to ban cryptocurrency trading in Nigeria.

Atiku said with Nigeria’s depression , the country must open up the economy.

The financial institution of Nigeria (CBN) on Friday, February 5, 2021, directed Deposit Money Banks (DMBs) and other financial institutions to shut accounts of persons who are using their systems for cryptocurrency trading.

The CBN warned that financial institutions who breach the directive would face severe sanctions.

Reacting to the present , Atiku during a statement titled, ‘We got to Open Up Our Economy, Not Close It’, on Saturday, February 6, 2021, said the govt should create jobs for Nigerian youths because unemployment is one among Nigeria’s main challenges.

He added that unemployment affects the economy and worsen insecurity within the country.

The statement reads, “The favorite challenge facing Nigeria is youth unemployment. In fact, it's not a challenge, it's an emergency. It affects our“What Nigeria needs now, perhaps quite ever, are jobs and a gap from our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to only $9.68 billion in 2020.

“Already, the state suffered severe economic losses from the border closure, and therefore the effects of the COVID-19 pandemic.

“This is certainly the incorrect time to introduce policies which will restrict the inflow of capital into Nigeria, and that i urge that the policy to ban the dealing and transaction of cryptocurrencies be revisited.”

“It is feasible to manage the sub sector and stop any abuse which will be inimical to national security. which will be a far better option, than an outright shutdown.

“There is already immense economic pressure on our youths. It must be the work of the govt , therefore, to scale back that pressure, instead of adding thereto .

“We must create jobs in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian folks that much.”

However, since the CBN issued the directive on Friday, Nigerians on social media are criticising the choice as many argued that cryptocurrency is that the least of Nigeria’s problems. economy, and is exacerbating insecurity within the nation.

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