Atiku calls for reversal of cryptocurrency policy

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Former vice president, Atiku Abubakar, has called on the Central Bank of Nigeria to reverse its policy directing banks to close all cryptocurrency‐related accounts and stop such transactions in the country.

Atiku made this known in a statement on Saturday.

The CBN had on Friday directed banks in the country to close all cryptocurrency-related accounts.

The regulator prohibited all financial institutions from facilitating cryptocurrency payments in the country.

The apex bank said all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and other financial institutions (OFIs).

“In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation,” he said.

“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.

“I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

“That may be a better option, than an outright shutdown.

“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 concluded.

 

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