Atiku urges reversal of cryptocurrency policy in Nigeria

The former vice president, Atiku Abubakar, has called on the Central Bank of Nigeria to reverse its policy directing Nigerian banks to close all cryptocurrency‐related accounts and stop such transactions in the country.

He said this in a statement he issued on Saturday.

Mr Abubakar said the first challenge facing Nigeria is youth unemployment and that it is an emergency that needs urgent attention.

“In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation,” he said.

The Central Bank of Nigeria on Friday had directed banks in the country to close all cryptocurrency-related accounts.

The regulator prohibited all financial institutions from facilitating cryptocurrency payments in the country.

The apex bank said all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and other financial institutions (OFIs) should identify persons and entities transacting in, or, operating crypto currency exchanges within their systems, and close such accounts immediately.

Mr Abubakar, who was the Peoples Democratic Party candidate for the 2019 presidential election, said Nigeria needs to open, rather than close the economy now.

– Premium Times