Nigeria’s former Vice President, Atiku Abubakar, has reacted to the prohibition of cryptocurrency transactions in Nigeria, adding that it will restrict the inflow of capital into the country.
Recall that the Central Bank of Nigeria (CBN), had recently ordered the closure of all cryptocurrency accounts in the country.
Reacting to the prohibition via a social media statement released on Saturday 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.”
He also said that introducing policies like the prohibition of crypto during this period will also restrict more capital inflows while calling for regulation of the industry as against prohibition.
“There is already immense economic pressure on our youths.
“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,” he urged.
Atiku also stated that Nigeria needs jobs as the economy recovers to pre-pandemic levels, stating 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.
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