Former Vice President Atiku Abubakar on Saturday condemned Friday’s decision by the Federal Government to halt the trading in cryptocurrency in Nigeria.
The Central Bank of Nigeria, had through a letter addressed to banks, had said all banks accounts associated with the trading should be closed down.
It warned banks of serious consequences in cases of breaches.
But Atiku while reacting to the development said it was a wrong time to place a ban on the transaction.
In a reaction titled “We Need To Open Up Our Economy, Not Close It” Atiku said the number one challenge facing Nigeria today is youth unemployment.
He said, “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 $23.9bn in 2019 to just $9.68bn in 20202.”
He said the nation had suffered severe economic losses from the border closure and the effects of covid 19 pandemic just as he advised the government to look for alternative means to regulate the industry instead of a total ban.
He said, “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 crypto-currencies 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.”
The former vice president said there is already immense economic pressure on the youths noting “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.”
