New Telegraph

December 3, 2023

Cryptocurrency ban not good for economy – Atiku


Onyekachi Eze, Abuja

Former Vice President, Alhaji Atiku Abubakar wants the Federal Government to revise the ban on crytocurrency.
Atiku, who was reacting to the order by the Central Bank of Nigeria (CBN) on Friday, said what Nigeria needs now is how to open up the economy and create jobs for the unemployed.
“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,” the former vice president noted.
In a statement on Saturday, Atiku said the report by the National Bureau of Statistics (NBS) indicated that foreign capital inflow into Nigeria is at a four year low, 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,” he said.
He stated that this was the wrong time for government to introduce policies that will restrict the inflow of capital into the country.
Instead of the ban, Atiku said what government ought to do is regulate the bitcoin subsector 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,” he advised.

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