It’s Wrong To Ban Cryptocurrency When Many Nigerian Youths Are Unemployed – Atiku

February 6, 2021
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A former Vice President, Atiku Abubakar, has faulted the decision of the Central Bank of Nigeria (CBN) to shutdown cryptocurrency operations in the country.

It's Wrong To Ban Cryptocurrency When Many Nigerian Youths Are Unemployed - Atiku 1

KanyiDaiky recalls that the CBN had directed banks to close all accounts belonging to crypto exchanges and other businesses transacting in cryptocurrencies in the country.

The directive prompted a nationwide uproar, with CBN Governor Godwin Emefiele coming under intense criticism for his alleged archaic policies that stifle economic growth in a country of over 200 million.

Atiku finally joined in voicing concerns over the crypto ban in a statement titled, “We Need To Open Up Our Economy, Not Close It”, which he issued on Saturday.

According to him, it is wrong to introduce policies that will restrict inflow of capital into Nigeria when the number one challenge facing the country was youth unemployment.

“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.

“What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, 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.

“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.

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“It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown.

“There is already immense economic pressure on our youths. 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,” the statement reads.

Meanwhile, a former Nigerian presidential aspirant, Senator Adamu Garba has advised Nigerians to invest in cows, claiming that it is more lucrative than cryptocurrency business.

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