Cryptocurrency: ‘This Is Wrong Time,’ Atiku Faults CBN Directive

• Former Vice President Atiku Abubakar has advised the Federal Government to rethink its directive on cryptocurrency transactions.
• Atiku stated that it was wrong to issue such a directive at this time, saying the number one challenge facing Nigeria was youth unemployment.

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The Former Vice President Atiku Abubakar has advised the Federal Government to rethink its directive on cryptocurrency transactions in the country.

Atiku made this known in a series of tweets while reacting to the directive of the Central Bank of Nigeria to banks and other financial institutions to close accounts of any individual who transacts in cryptocurrency.

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

Atiku, however, stated that it was wrong to issue such a directive at this time, saying the number 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 former Vice President, what Nigeria presently needs are jobs and an opening up of its economy following the report that foreign capital inflow into the country is at a four-year low.

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 and urged the government to revisit the policy to prohibit the dealing and transaction of cryptocurrencies.

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

The former Vice President informed the government that there was already immense economic pressure on the youths, and they must do something to reduce the stress and not add to it.

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

See tweets below:

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