Cryptocurrency: ‘We need to open our economy, not close it’, Atiku faults CBN directive




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Ex-Vice President Atiku Abubakar

ABUJA (Sundiata Post) – Vice President Atiku Abubakar has advised the Federal Government to have a rethink its directive cryptocurrency transactions in the country.

This advice, which was contained in a statement Saturday and made available to Sundiata Post, was in reaction to the directive of the Central of Nigeria (CBN) to banks and other financial institutions to close accounts of any individual who transact in cryptocurrency.

The CBN had told the regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges was prohibited.

But Atiku stated that it was wrong to issue such a directive at this , saying the one challenge facing Nigeria was youth unemployment.

He explained that youth unemployment has already become not just a challenge but an emergency that has affected the nation’s economy and was exacerbating insecurity.

According to the Vice President, what Nigeria presently needs are and an opening of its economy following the report that foreign capital inflow into the country is at a four-year .

He decried that the nation had already suffered severe economic losses from the border closure and the effects of the COVID-19 pandemic.

Atiku warned that introducing policies that would restrict the inflow of capital into Nigeria could harm its economy more and the government to revisit the to prohibit the dealing and transaction of cryptocurrencies.

He suggested that rather than an outright shutdown, the government could regulate the sub-sector and any abuse that may be damaging to .

The Vice President informed the government that there was already immense economic the youth and efforts must be made to reduce the and not add to it.

He also recommended job creation, expansion of the economy, and removal of impediments towards investments as the way forward.

Read the full statement issued by Atiku below:

The one challenge facing Nigeria is youth unemployment. In , it is not a challenge, it is an emergency. It affects our economy and is exacerbating insecurity in the nation.

What Nigeria needs now, perhaps more than ever, are and an opening of our economy, especially after yesterday’s report by the Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year , having plummeted from $23.9 billion in 2019 to just $9.68 billion in 2020.

Already, the nation suffered severe economic losses from the border closure and the effects of the #COVID19 pandemic.

This is definitely the wrong to introduce policies that will restrict the inflow of capital into Nigeria, and I that the to prohibit the dealing and transaction of cryptocurrencies be revisited.

It is possible to regulate the sub-sector and any abuse that may be damaging to . That may be a better option, than an outright shutdown.

There is already immense economic on our youths. It must be the job of the government, therefore, to reduce that , rather than adding to it.

We must create in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian people that much.