Former Vice President Atiku Abubakar, has faulted the decision of the Central Bank of Nigeria to shutdown cryptocurrency operations.
The former Vice President noted that with Nigeria’s economic crisis, the country needs all the help it can get to exit its present economic quagmire.
The CBN gave the order as seen in a statement issued on Friday, February 5, 2021, stressing that all banking institutions are to close the accounts of customers with cryptocurrency transactions immediately.
The apex bank added that breaches of the directive will attract severe regulatory sanctions.
Atiku in a statement titled, ‘We Need To Open Up Our Economy, Not Close It’, which he signed and made available to newsmen in Abuja, on Saturday said the policy would affect the inflow of capital into the country.
He said, “The number one challenge facing Nigeria is youth unemployment. In fact, 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 jobs and an opening up of 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 just $9.68 billion in 2020.
“Already, the nation suffered severe economic losses from the border closure, and the effects of the COVID-19 pandemic.
“This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.”
The former Vice President further said, “It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown.
“There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.
“We must create jobs in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian people that much.”
Reacting to the ban, Ezekwesili slammed the CBN, saying the order makes the country appear unprepared to embrace the future.
She tweeted, “Frankly, CBN, all you needed to do was map all the legitimate risks associated with #cryptocurrency and gather a subset of the super brilliant Nigerian young minds in #FinTech so you listen and learn more. Learning is the greatest asset of the policy-maker. Never late.
“Our country’s DNA for irony is uncanny. At the same moment, as we celebrate one of our own leading a global trade institution, we have a memo from our Central Bank making country appear unprepared to embrace the future.”