Former Vice President, Alhaji Atiku Abubakar, has called on the Federal Government to reverse its latest directive through the Central Bank of Nigeria (CBN) to banks and other financial institutions to close the accounts of any individual who transact in cryptocurrency.
The CBN had told the regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges was prohibited.
In a statement on Saturday, Atiku said the directive was issued at a wrong time when the number one challenge facing Nigeria was youth unemployment.
He explained that youth unemployment has already become not just a challenge but an emergency that has affected the nation’s economy and was exacerbating insecurity.
According to the former Vice President, what Nigeria presently needs are jobs and an opening up of its economy following the report that foreign capital inflow into the country is at a four-year low.
He said policies that restrict inflow of capital into Nigeria could harm the country’s economy more.
He suggested that rather than an outright shutdown, the government could regulate the sub-sector and prevent any abuse that may be damaging to national security.
The former Vice President informed the government that there was already immense economic pressure on the youth and efforts must be made to reduce the pressure and not add to it.
He also recommended job creation, expansion of the economy, and removal of impediments towards investments as the way forward.
