A former deputy governor of the Central Bank of Nigeria
(CBN), Kingsley Moghalu, has criticised President Muhammadu Buhari’s government
over the cryptocurrency ban by the apex bank.
Recall that CBN ordered banks and financial institution in
Nigeria to close the accounts of cryptocurrency traders.
CBN in its circular signed by Director of Banking
Supervision, Bello Hassan, directed financial institutions to halt any
transactions in crypto or to facilitate payments for crypto exchanges.
Reacting to the development, which Nigerians have greatly
criticised, Moghalu in an interview on Channels Tv Sunday Politics, said the
move was as though the Buhari-led administration is always making decisions to
take away opportunities from Nigerians, especially in a depressed economy.
The former presidential candidate stated that despite the
risks involved in trading in cryptocurrencies, he would not recommend that
crypto be banned outrightly because it is fast becoming a real factor in the
Nigeria’s investment ecosystem and livelihood of many Nigerians.
He said if he were in a government position to make a
decision, it would be to balance the risks against the country’s current
realities.
He said: “A lot of the activities across the world are going
digital, and I would not recommend banning it (cryptocurrencies) outright.
“$500 million worth of Bitcoin has been traded in Nigeria
within the last five years, and Nigeria is one of the top 10 countries in the
use of cryptocurrencies in the world today.”
Moghalu advised the government to make the investment
climate more favourable and friendly to enable foreign investment.
“Regular currencies depreciate against cryptocurrencies such
as the BTC but many Policies from the bank in the past few years have not been
favourable.
“The Nigerian Government should try to make the investment
climate far more friendly and efficient than it is now. Any investment has
risks.
“It is unfriendly, that’s why the foreign investment is
declining,” he added.
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