Atiku Urges CBN To Revisit Ban On Cryptocurrency

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Atiku Abubakar

The former Vice President of the Federal Republic of Nigeria,  and Presidential Candidate of the People’s Democratic Party (PDP) in the last general election,  Alhaji Atiku Abubakar has urged the Central Bank of Nigeria (CBN) to revisit its Policy on Cryptocurrency.

Atiku who gave his reaction on his official Twitter handle “@Atiku” said,  the policy if not revisited would restrict the inflow of capital into Nigeria.

TheFact Nigeria reports that the ban on the Cryptocurrency transactions by the apex Bank has generated mixed reactions among Nigerians, especially economic experts. While some supported the ban, others were against it.

Meanwhile,  Atiku 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 yesterday’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 #COVID19 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.

“It is possible to regulate the sub-sector and prevent any abuse that may be damaging 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,” he said.

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